Nifty Update (31st August 2021)

Nifty Update (31st August 2021)
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Nifty rose 225.85 points or 1.35 percent to its record closing of 16,931.05. It touched an all-time intra-day high of 16,951.50 in the previous trading session on 30, August 2021

For Today
According to IND50 data, we are likely to see a flat to a negative opening in the Indian Indices.
Our ABCD harmonic pattern got activated and has achieved all its targets in the previous trading session and has also given a dot correction from the Harmonic PRZ.
16,950 is a major resistance, until and unless this level is not broken the Index will not be making a new high.

We will be considering the pullback as a buying opportunity as 16,790-16,730 is the demand zone.

There’s a high probability: That Index may form a wider range today. We’ll be trading according to our range strategy but with a minor tweak by marking the range of 45 minutes instead of 30 minutes today and wait for it to break on either side.

We will be giving more preference to Options Selling today and buying will only be considered from resistance and support zones.

Trade Accordingly!