NIFTY TRADE SETUP FOR THE 03.08.2020

Aug 2, 2020

This week will be very important for the indexes as tomorrow the RBI will start its three-day meet which will end on August 6th. This will end up making the picture look murkier. The indexes are at a critical point. However, the Bank Nifty is looking in a worse state than the Nifty.
Coming to the Nifty, the index is holding its rising window support. I will maintain the same supports as earlier, which is 10,963 and 10,874. If this position goes against me slightly I will exit as the risk is high.


Nifty support at the crucial support level of 11085
-the index reversed from its new resistance created at 11300
-yesterday expiry shook out a lot of week hands in the market
-today we see the actual trend
-we need to see if the market fails to hold on to support or moves on and resumes uptrend
-the market will find it tough to cross above 11240 again
-on the downside, the market must not break below 11015 otherwise nifty might revers

NIFTY RESISTANCE FOR THE DAY
11158 -11240-11340
NIFTY SUPPORT FOR THE DAY
10964-11015-11085

!!PLEASE NOTE THE ABOVE INFORMATION IS FOR KNOWLEDGE ONLY!!
!!TRADE ACCORDING TO YOUR RISK PROFILE!!
!!SUGGEST OPTION TRADES NAVIGATE VOLATILITY!!
!!HAPPY TRADING!!