Nifty Outlook for 08th Sep

  In the previous session:

Nifty went down by 171 points before closing lower by 31 points on Wednesday

Nifty made a new lifetime high of 18604.45 in this upmove from the lows of 7511.10 made on 24th March 2020

On 07th Sep:

Nifty triggered our short trade with a gap down below our 1st target and halted near our 2nd target.

 

For 08th Sep:

Sustaining above 17700 enter for 17745 - 17800 - 17930, SL 17645

Sustaining below 17550 enter for 17505 - 17450 - 17315, SL 17600

Now for this week:

On the upside:

Nifty has to sustain and close above its immediate resistance at 17670 - 17750 to move towards initial long targets of 17970 - 18030. 

Closing above 18030 Nifty may move towards next long targets of 18220 - 18430

On the downside:

Nifty has to sustain and close below its immediate support at 17410 - 17330 to move towards initial short targets of 17100 - 17050. 

Closing below 17050 Nifty may move towards next targets of 16860 - 16650.

So far this week Nifty has made a high of 17764.65 breaking our initial weekly resistance zone of 17670 - 17750 but could not sustain and reversed to make a low of 17484.30 today and closed at 17624.40. 

Now in the coming session Nifty has to break and sustain above 17770 for a move towards 17970 - 18030. On the downside Nifty has immediate support at 17540 - 17490 and breaking and sustaining below it Nifty can fall further towards 17410 - 17330 where it has next support.

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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.