Nifty Outlook for 05th Aug

 In the previous session :

Nifty went up by 102 points then went down by 226 points before closing lower by 6 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 04th Aug :-

Nifty initially triggered our long trade with a gap up opening above our 1st target . Post that Nifty reversed to trigger our short trade and completed all targets doing 165 points 

For 05th Aug :-

Sustaining above 17440 enter for 17470 - 17510 - 17615 , SL 17400

Sustaining below 17325 enter for 17295 - 17250 - 17150 , SL 17365

Now for this week :

On the upside :

Nifty has to sustain and close above its immediate resistance at 17250 - 17300 to move towards initial targets of 17440 - 17480 . 

Closing above 17480 Nifty may move towards next targets of 17600 - 17750 .

On the downside :

Nifty has to sustain and close below its immediate support at 17050 - 17000 to move towards initial  targets of 16880 - 16830 . 

Closing below 16830 Nifty may move towards next targets of 16710 - 16570 .

So far this week Nifty has made a high of 17490.70 completing its initial weekly long targets at 17440 - 17480 and reversed to close at 17382. Now in the coming session Nifty sustaining breaking and sustaining below 17250 can move towards 17100 - 17050 . On the upside Nifty has immediate resistance in the zone of 17440 - 17480 where we it may face resistance. 

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.