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Nifty Outlook Week Ahead: 03 Aug 20

Daily Nifty Notable Value Charts for the week ahead.

Nifty Futures made a Low 11025.05 as can be seen well in the expanded view below

The Low 11025.05 is surprisingly right on the horizontal line on chart, coming from Low of 02Mar20 as seen below

If Nifty Futures takes support at 11025.05 and then resumes its rise to convey the ‘Fears of Covid19’ are now in the backyard.

As it first Hurdle, it would have a Gap (highlighted in green) as can noted below:

The Gap is of 27Feb20 Low 11540.15 and High 11416.30 of 02Mar20.

On Daily, the Low of 31July20 of 11025.05 is critical.

Below 11025.05 and surely if one sees below 11010 Nifty Futures will slip till 10760 with a pause at 10931, 10878 and 10822 over the period of 1-2 days.

 

However, if Nifty Futures Opens higher above 11150 and stays higher above 11150 for the rest of the day we may well touch 11301 and

Head as per Weekly Chart (below) to test High 11343 and even Gap 11416 – 11540

An expanded view of Weekly Chart and Levels as follows:

Weekly Chart suggests, 11025.05 equally very critical.

Levels below 11025.05 are:

  • 10945.00
  • 10844.90
  • 10660.00
  • 10554.50

One can  trade the Downside accordingly.

These Levels are well explained as a part of Nimblr Candlestick Course.

Best Wishes & Good Luck.

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