Nifty Outlook for 01st Jun

 In the previous session :

Nifty went down by 62 points then went up by 170 points before closing higher by 147 points on Monday.

Nifty made a new life time high of 15606.35 in this upmove from the lows of 7511.10 made on 24th March 2020

On 31st May :

Nifty initially triggered our short trade and took our stoploss . Post that Nifty reversed to  trigger our long trade and nearly reached our last target doing 120 points. 

For 01st Jun :

Sustaining above 15640 enter for 15665 - 15685 - 15770 , SL 15595

Sustaining below 15525 enter for 15505 - 15480 - 15400 , SL 15570

Now for this week :

Nifty has immediate resistance at 15510 - 15560 zone and sustaining or closing above we may see a further move towards 15680 - 15720 zone

Nifty has immediate support at 15360 - 15315 and sustaining or closing below that we may see a move towards 15190 - 15155 zone

So far this week Nifty made a high of 15606.35 and closed well above our initial weekly resistance and now sustaining above 15560 we can see Nifty make a move towards 15680 - 15720 next.

Now as long as Nifty is closing above 15270 on corrections we can see it bounce back . On the upside Nifty can see some selling pressure near 15650 - 15670 .

As mentioned for the month of May "On the upside Nifty has strong resistance at 14850 - 14980 and it needs to give a consecutive close above it for further upmove.", we saw Nifty make a high of 15606.35 on giving a consecutive close above 14980 .

In the month of May Nifty made a high of 15606.35 and made a low of  14416.25 .

For the month of June Nifty has to give a consecutive close above 15825 for the upmove to gain strength. On the downside Nifty has to give a consecutive close below 15340 for a stronger correction.

Incase of a gap up beyond the first target then for fresh updated levels intraday follow the telegram channel "simplytradestocks" .

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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.