NIFTY OUTLOOK FOR 1 AUG 2018

Nifty future buy call given in last post achieved first target 1377 and sail call contd. to hold for target.

It was tough day for bulls. Bulls could not continue the good start of nifty but at the end bulls again came in to the picture and managed to settle above 11375 support level. Nifty future has started the day at 11330 made a high of 11379 and low of 11290 & finally closed the day at 11375. The Nifty had formed an Inside Bar on the weekly chart in the penultimate week. Last week, the pattern broke out on the upside, leading to significant upside.

On the way up, the benchmark index has crossed its record high of 11,371 and entered into uncharted territory.The broader market indices, though significantly below their respective record highs, have witnessed a sharp recovery throughout last week and formed large bullish candles on the weekly chart.

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Resistance: 11350, 11385, 11425

Support: 11300, 11250, 11200