In the last Nifty Intraday Trading Outlook Post, we discussed. Till Nifty trading below 10990 bears is in bit strong position. The support is at the 10900-10885 range, holding below that we can see a dip towards 10830/10750 levels.
After our last post, on Friday below 10990 Nifty made the low around 10874, close to our support range of 10900-10885.
But Index was not able to sustain below the support range, and in the result of it on that day before closing, Index bounced towards 11040 levels.
After a bit positive close on Friday, Nifty opened lower on yesterday. It directly opened below 10990 levels.
The soon after opening bears dragged the Index towards lower levels.
On the downside, once Index started sustaining below 10900-10885 support zone, it gets weaker and Nifty almost did our both the downside targets.
Now moving ahead charts are suggesting bears are having the upper hand till Nifty is trading below 10960 levels.
On the lower side, Nifty has multiple supports in the range of 10750-10720 levels.
We should carefully watch Price action near 10720, on sustaining below that can trigger more sell-off. The targets on the down side will come around 10675/10615/10530 levels.
Nifty Intraday Trading Outlook for 04th Sep
Resistance for today in Intraday is at 10820 above the move towards 10855/10905/10985 can seen.
While Support for today is likely to come at, 10770 below that move towards 10735/10685/10605 can be seen.
Note: Above mention Price projection & other Information are for educational purpose only.