Nifty Outlook for 02nd Feb

 In the previous session :

Nifty went up by 282 points then went down by 95 points before closing higher by 237 points on Tuesday.

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 01st Feb :-

Nifty triggered our long trade with a big gap up above our 2nd target and moved up further by 100 points . Post that Nifty reversed to trigger our short trade but took our stoploss and went up again to trigger our long trade and did 185 points . 

For 02nd Feb :-

Sustaining above 17660 enter for 17715 - 17775 - 17935 , SL 17600

Sustaining below 17490 enter for 17440 - 17380 - 17220 , SL 17550

Now for this week :

Nifty has to break and sustain above 17205 - 17265 where it has its initial resistance to move towards next targets of 17440 - 17480 . Sustaining or closing above 17480 Nifty move towards further targets of 17625 - 17785.

Nifty has to break and sustain below 17000 - 16940 where it has its initial support to move towards next targets of 16770 - 16720 . Sustaining or closing below 16720 Nifty may move towards further targets of 16580 - 16420 .

So far this week Nifty has made a high of 17622.40 nearing our expected targets of 17625 - 17785 on sustaining above 17480 . Now in the coming session Nifty has to sustain above 17480 for a move towards 17625 - 17785. On the downside now immediate support is at 17200 and breaking and sustaining below it we can see a dip towards 17000 - 16940.

As mentioned previously "Nifty has to give a consecutive close above 17540 to expect a further bounce " , and Nifty has given a consecutive close above it and made a high of 18350.95 for the month giving a move of around 800 points . Post that now Nifty has reversed to make a low of 16836.80 correcting around 1500+ points . 

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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.