Nifty Outlook for 07th Dec

 In the previous session:

Nifty went down by 123 points before closing lower by 58 points on Tuesday

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 06th Dec:

Nifty triggered our short trade with a gap down below our 2nd target and did not give a trade. Had shared revised levels ton telegram but Nifty traded sideways between our revised long and short trigger levels.

For 07th Dec:

Sustaining above 18680 enter for 18700 - 18725 - 18790, SL 18655

Sustaining below 18605 enter for 18585 - 18560 - 18490, SL 18630

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 18577.90 today breaking its immediate weekly support zone of 18640 - 18610 but again did not sustain and bounced back to close at 18642.75

Now in the coming session Nifty has immediate support at 18610 - 18560 which it needs to break and sustain for a move towards its initial weekly short targets of 18520 - 18490. On the upside 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. 

In case of a gap up beyond the first target then for fresh updated levels intraday follow the telegram channel "simplytradestocks".

Join our Telegram Channel "simplytradestocks" for live index & stock trading ideas during market hours.                              

To receive this post daily in your inbox, kindly register by adding your email id in the 'Subscribe to my posts' section on the top right side of the blog.

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.