Nifty Outlook for 06th Dec

  In the previous session:

Nifty went up by 177 points before closing higher by 168 points on Tuesday 

Nifty made a new lifetime high of 20864.05 on 05th Dec 2023 from the lows of 7511.10 made on 24th March 2020

On 05th Dec:

Nifty opened with a gap up above our 2nd target but then gave a dip to enter our long trade and again completed 2 targets doing 65 points

For 06th Dec:

Sustaining above 20905 can move towards 20935 - 20975 - 21065, SL 20870

Sustaining below 20805 can move towards 20775 - 20735 - 20645, SL 20840

In the Previous Week: 

Nifty triggered our long trade above 19705 and completed all long targets till 20090 - 20180 doing 475 points and exceeded it by 110 points making a high of 20191.55

Now for this week:

On the upside:

Nifty has to sustain and close above its weekly resistance at 20315 - 20345 to move towards its initial weekly long targets of 20425 - 20445

Closing above 20445 Nifty may move towards its last weekly long targets of 20515 - 20590

On the downside:

Nifty has to sustain and close below its weekly support at 20220 - 20190 to move towards its initial weekly short targets of 20110 - 20090

Closing below 20090 Nifty may move towards its last weekly short targets of 20020 - 19950

This week Nifty opened above our last weekly long target and did not give a trade. Nifty has made a high of 20864.05 well above our last weekly long targets.

Now in the coming session Nifty breaking above 20905 can move towards 20975 - 21065. On the downside Nifty has immediate support at 20800 and needs to break and sustain below it for a further correction towards 20590 - 20515 where it has good support.

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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