Nifty Outlook for 04th Mar

 In the previous session :

Nifty went up by 163 points then went down by 163 points before closing lower by 108 points on Thursday.

Nifty made a new life time high of 18604.45 in this upmove from the lows of 7511.10 made on 24th March 2020

On 03rd Mar :-

Nifty initially triggered our long trade but took our stoploss. Post that Nifty reversed to trigger our short trade and again took our stoploss indicating indecisiveness. 

For 04th Mar :-

Sustaining above 16615 enter for 16685 - 16770 - 16990 , SL 16535

Sustaining below 16380 enter for 16310 - 16225 - 16005 , SL 16460

Now for this week :

Nifty has to break and sustain above 16875 - 17015 where it has its initial resistance to move towards next targets of 17385 - 17480 . Sustaining or closing above 17480 Nifty may move towards further targets of 17800 - 18150.

Nifty has to break and sustain below 16440 - 16300 where it has its initial support to move towards next targets of 15930 - 15830 . Sustaining or closing below 15830 Nifty may move towards further targets of 15515 - 15165 .

So far this week Nifty made a low of 16356.30 testing our initial support zone and bounced back to make a high of 16815.90 and closed today at 16498.05 . Nifty has immediate resistance at 16875 - 17015 which it needs to break and sustain above for a further move on the upside. On the downside Nifty has immediate support at 16440 - 16300 on dips which it needs to hold on dips else breaking and sustaining below it we may see it move towards its next supports. Nifty is currently trading in a range of 16350 - 16850 and it needs to break out of this range for the next move.  

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Disclaimer : These are my personal views and one should do their own research before entering any trades based on them  . The use of the blog is agreement that the blog is for informational and educational purposes only and does not constitute advice in any form in the furtherance of any trade or trading decisions.