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Nifty Technical Analysis for 07 Aug

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In the last Nifty technical analysis, we discussed. 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.

Yesterday Nifty opened on a negative note. But soon bulls took charge and pushed the Index towards higher levels.

As I discussed in my Weekly post also, buying forces were bit active from last week’s Thursday and Friday session.

The more additional confirmation came during yesterday trading session. In short, we can see a further bounce until we are holding Monday’s low.

Above 10888 Index have rallied almost 150 points. For further upside, Nifty bulls need to sustain above 11036 for a rise towards 11095/11160.

On the lower side, intermediate support is at 10811, below bears will again get more strength.

Nifty Intraday Trading Levels for 07th Aug

Resistance for today in Intraday is at 10990 above the move towards 11030/11085/11150 can seen.

While Support for today is likely to come at, 10900 below that move towards 10860/10800/10735 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.