Nifty Outlook for 06th Sep

 In the previous session:

Nifty went up by 58 points then went down by 3 points before closing higher by 46 points on Tuesday 

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 05th Sep:

Nifty triggered our long trade and completed just 1 target and took our stoploss. Post that Nifty traded sideways for the remaining session.

For 06th Sep:

Sustaining above 19610 can move towards 19630 - 19655 - 19720, SL 19585

Sustaining below 19540 can move towards 19520 - 19495 - 19430, SL 19565

In the Previous Week: 

Nifty triggered our weekly long trade above 19335 and completed our initial weekly long targets till 19400 - 19420 with a high of 19458 and then took our stoploss

Now for this week:

On the upside:

Nifty has to sustain and close above its weekly resistance at 19490 - 19520 to move towards its initial weekly long targets of 19615 - 19635. 

Closing above 19635 Nifty may move towards its last weekly long targets of 19715 - 19800

On the downside:

Nifty has to sustain and close below its weekly support at 19380 - 19350 to move towards its initial weekly short targets of 19255 - 19235

Closing below 19235 Nifty may move towards its last weekly short targets of 19160 - 19070

So far this week Nifty made a high of 19587.05 breaking above our weekly resistance zone of 19490 - 19520 and closed at 19574.90 triggering our weekly long.

Now in the coming session Nifty sustaining above 19520 can move towards 19615 - 19635 where it may face resistance. On the downside Nifty has immediate support at 19490 and has to break and sustain below it for a move towards 19450 - 19400. Stoploss for the weekly long triggered is hourly close below 19460.

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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