Nifty Outlook for 03rd Feb

 In the previous session:

Nifty went up by 37 points then went down by 170 points before closing lower by 6 points on Thursday

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

For 03rd Feb:

Sustaining above 17655 enter for 17685 - 17715 - 17800, SL 17625

Sustaining below 17565 enter for 17540 - 17505 - 17425, SL 17595

In the Previous Week: 

Nifty triggered our weekly short trade and completed all targets till 17590 and exceeded it with a low of 17493.55

Now for this week:

On the upside:

Nifty has to sustain and close above its immediate resistance at 17690 - 17750 to move towards its initial long targets of 17890 - 17930. 

Closing above 17930 Nifty may move towards next long targets of 18060 - 18200

On the downside:

Nifty has to sustain and close below its immediate support at 17520 - 17460 to move towards initial short targets of 17320 - 17280. 

Closing below 17280 Nifty may move towards next targets of 17150 - 17010.

So far this week Nifty made a high of 17972.20 completing our initial weekly long targets and reversed sharply to make a low of 17353.40 almost touching our initial weekly short target zone of 17320 - 17280 but recovered and today also closed at 17610.40. 

Now in the coming session Nifty has immediate resistance at 17690 - 17750 which it needs to break and sustain for a move again towards 17890 - 17930. On the downside Nifty has immediate support at 17520 - 17460 zone which it needs to break and sustain for a move towards 17320 - 17280. Ideally tomorrow now need a hourly close either below 17440 or above 17700 for good move.

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Disclaimer: I am not SEBI registered and these are my personal views and one should do their own research or consult a financial advisor 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.