Nifty Outlook for 07th Feb

  In the previous session:

Nifty went down by 155 points before closing lower by 89 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 06th Feb:

Nifty triggered our short trade and completed 2 targets doing 75 points

For 07th Feb:

Sustaining above 17835 enter for 17865 - 17895 - 18000, SL 17780

Sustaining below 17690 enter for 17665 - 17635 - 17530, SL 17745

In the Previous Week: 

Nifty broke below our weekly support multiple times but failed to give a close above it and on Friday gave a close above its weekly resistance.

Now for this week:

On the upside:

Nifty has to sustain and close above its immediate resistance at 17950 - 18010 to move towards its initial long targets of 18170 - 17210. 

Closing above 18210 Nifty may move towards next long targets of 18340 - 18490

On the downside:

Nifty has to sustain and close below its immediate support at 17760 - 17700 to move towards initial short targets of 17540 - 17500. 

Closing below 17500 Nifty may move towards next targets of 17370 - 17210.

Nifty made a low of 17698.35 testing our weekly support zone of 17760 - 17700 and closed at 17764.60.

Now in the coming session Nifty breaking and sustaining below 17690 can move towards 17540 - 17500 zone. On the upside Nifty has break and sustain above 17835 for a move towards 17900 - 17950. 

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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.