Nifty and Banknifty prediction for Today 05 August 2021 (Thrusday)

  • SGX NIFTY is already trading up with almost 20-25 points and trading near 16283   NIFTY will also follow this.

Yesterday Nifty and Banknifty has done big breakout and was fully bullish side .

Now for today which levels need to follow because today is expiry so we need to work with levels and you should also follow this .

so we will analyze NIfty and Banknifty Based on chart with tecnical analysis and will try to find the zones where we can take an entry .

From above chart you can see the supply zones that will give some resistance to nifty

Scenario -1: If nifty sustains 16270-16290 levels for some time it can move to higher side .

Buy above 16290.-  target – will move higher because no more resistance at upper levels but for this.. it need to sustains some time at 16270-16290

Scenario -2: If nifty not sustains 16270-16290 levels for some time it may slip down to near 16230 for taking support if this level sustains again you can see upmove because there is support lies on NIfty at this level.

Short Near 16270-16290 target 16230 if 16230 didn’t sustain it mai again fall till near 16150

Banknifty:

Scenario -1: If banknifty not sustains 36000 level for some time it may fall till 35600

Short Near 36000 .-  target 35600-35400 and so on

Scenario -2: If Banknifty comes near its support zone of 35400 and hold some time this level you need to buy for next targets.

Buy above 35420.-target 35500- 35600

 

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