Thursday 3 August 2023

Nifty Outlook for 04th Aug

 In the previous session:

Nifty went up by 11 points and then went down by 230 points before closing lower by 145 points on Thursday 

Nifty made a new lifetime high of 19991.85 on 20th Jul 2023 from the lows of 7511.10 made on 24th March 2020

On 03rd Aug:

Nifty triggered our short trade and completed all targets and more doing 200 points

For 04th Aug:

Sustaining above 19420 enter for 19445 - 19470 - 19540, SL 19395

Sustaining below 19345 enter for 19320 - 19290 - 19220, SL 19370

In the Previous Week: 

Nifty traded mostly sideways with a negative bias between our weekly resistance and support zone indicating indecisiveness in further direction

Now for this week:

On the upside:

Nifty has to sustain and close above its weekly resistance at 19715 - 19760 to move towards its initial weekly long targets of 19880 - 19910. 

Closing above 19910 Nifty may move towards its last weekly long targets of 20010 - 20120

On the downside:

Nifty has to sustain and close below its weekly support at 19575 - 19530 to move towards initial weekly short targets of 19415 - 19380

Closing below 19380 Nifty may move towards its last weekly short targets of 19290 - 19170

So far this week Nifty had made a high of 19795.60 breaking above our weekly resistance zone of 19715 - 19760 and then reversed to trigger our short trade and made a low of 19296.45 almost reaching our last weekly target zone of 19290 - 19170 and closed at 19381.65.

Now in the coming session Nifty has to break and sustain below 19380 to move towards 19290 - 19170. On the upside Nifty has to break and sustain above 19420 to move towards its immediate resistance at 19530 - 19575.


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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


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