Nifty Outlook for 31st Aug

 In the previous session :

Nifty went up by 246 points before closing higher by 226 points on Monday.

Nifty made a new life time high of 16951.50 in this upmove from the lows of 7511.10 made on 24th March 2020

On 30th Aug :-

Nifty triggered our long trade and completed all targets and more doing 150points. 

For 31st Aug :-

Sustaining above 16970 enter for 16990 - 17015 - 17085 , SL 16940

Sustaining below 16895 enter for 16875 - 16845 - 16775 , SL 16920

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

So far this week Nifty made a high of 16951.50 breaking above our next resistance zones and also closed well above it . Now in the coming session Nifty has to break and sustain above its immediate resistance at 17015 - 17030 for a further move towards 17180 - 17350 and if takes resistance at 17015 - 17030 we may see a dip towards 16900 - 16850 . On the downside Nifty has to hold above 16630 incase of a correction to expect a bounce. 

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 16951.50 giving a 975 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.