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Nifty Intraday Outlook for 09 Aug

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Updated On:

We discussed the last Nifty technical analysis. The short-term view is still the same; for further rise, Nifty needs to trade and sustain above 11036 levels. On the lower side, the 10811-10782 range will act as support.

Yesterday, Nifty opened on a positive note and continued its upward momentum.

We already discussed in the last couple of Posts and in Weekly analysis that bounces are about to come. Buying forces are active, and they should support the bulls.

Nifty bulls are looking in a bit of control. Now, forces on the weekly chart are also showing some critical changes in favour of bulls.

On the upper side, the next significant hurdle for bulls is at 11160, and on the lower side, bears need to move below 10820 for further decline.

Nifty Intraday Trading Levels for 09th Aug

Today’s Intraday resistance is at 11065; above that, a move towards 11105/11155/11220 can be seen.

While today’s support is likely to come at 10990, below that, a move towards 10950/10900/10835 can be seen.

Note: The above-mentioned Price projection & other Information are for educational purposes 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.