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Nifty Intraday Analysis for 06 Aug

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In the last Nifty technical analysis, we discussed. For maintaining this upside momentum, Nifty bulls need the close above 11175 resistance. On the lower side, Support is now at 10885 below that we can see the further slide.

On Friday, Index opened on a weaker note but gave the positive closing.

Yesterday, in spite of Friday’s strong close, Nifty opened gap down & made the low around 10782.

Nifty is getting weak against the shown angle on the hourly chart.

Till now, this single angle line has kept with the market Major trend by giving multiple Selling points.

Till we are not closing above level 10888 bears are having the upper hand.

On the lower side below 10754 will get more advantage & we can see the levels of 10705/10640.

Nifty Intraday Trading Levels for 06th Aug

Resistance for today in Intraday is at 10890 above the move towards 10930/10980/11040 can seen.

While Support for today is likely to come at, 10820 below that move towards 10780/10730/10670 can be seen.

Note: Above mention Price projection & other Information are for educational purpose only.

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About the Author

Divesh Jotwani is a Full-time trader in the Indian stock market. He has spent over 20+ years researching and discovering WD Gann's methods and applying them day in and out markets.