Nifty Outlook for 06th Dec

 In the previous session:

Nifty went up by 32 points then went down by 105 points before closing higher by 5 points on Monday

Nifty made a new lifetime high of 18887.60 on 01st Dec 2022 from the lows of 7511.10 made on 24th March 2020

On 05th Dec:

Nifty triggered our short trade and completed 2 targets and more doing 60+ points.

For 06th Dec:

Sustaining above 18735 enter for 18755 - 18780 - 18840, SL 18710

Sustaining below 18665 enter for 18645 - 18620 - 18560, SL 18690

Now for this week:

On the upside:

Nifty has to sustain and close above its immediate resistance at 18750 - 18785 to move towards initial long targets of 18875 - 18900. 

Closing above 18900 Nifty may move towards next long targets of 18975 - 19060

On the downside:

Nifty has to sustain and close below its immediate support at 18640 - 18610 to move towards initial short targets of 18520 - 18490. 

Closing below 18490 Nifty may move towards next targets of 18415 - 18330.

So far this week Nifty has made a low of 18591.35 breaking its immediate weekly support zone of 18640 - 18610 but did not sustain and bounced back to close at 18701.55

Now in the coming session Nifty has immediate resistance at 18750 - 18785 which it needs to break and sustain above for a move towards it initial weekly long targets of 18875 - 18900. If Nifty takes resistance at 18750 - 18785 then it can retest its weekly support at 18640 - 18610 and on sustaining / closing below 18610 can move towards its initial weekly short targets of 18520 - 18490.

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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.