Nifty Outlook for 30th Aug

 In the previous session :

Nifty went down by 71 points then went up by 85 points before closing higher by 68 points on Friday.

Nifty made a new life time high of 16712.45 in this upmove from the lows of 7511.10 made on 24th March 2020

On 27th Aug :-

Nifty initially triggered our short trade and completed 2 targets doing 40 points. Post that Nifty reversed to trigger our long trade and again completed 2 targets doing 50 points.

For 30th Aug :-

Sustaining above 16730 enter for 16745 - 16765 - 16815 , SL 16710

Sustaining below 16680 enter for 16665 - 16645 - 16595 , SL 16700

Now for this week :

Nifty has immediate resistance at 16750 - 16775 zone and sustaining or closing above we may see a further move towards 16845 - 16865 zone

Nifty has immediate support at 16665 - 16635 zone and sustaining or closing below that we may see a move towards 16565 - 16545 zone

In the month of July Nifty made a high of 15962.25 and made a low of  15513.45 .

As mentioned at the start of the month "For the month of August Nifty has to give a consecutive close above 15975 for a further move on the upside .  On the downside Nifty has to give a consecutive close below 15550 for a further correction." , and we saw Nifty make a high of 16722.05 giving a 750 points move post a consecutive close above 15975 . 

Nifty completed all our expected targets on the upside of 16650 - 16700 zone with a high of 16722.05 and we can see some profit booking from there on further upmove

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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.