Nifty 50 weekly forecast & Intraday setup for 31st August 2020

Good Morning friends,

Hope you guys have spent a great time this weekend and made good money in August expiry. Last trading week Index has given an awesome move in the upside. There is no doubt that The Index is trading in an uptrend and making a new high every week but the September month is gonna different from other months. This is a crucial area for the nifty 50 Index because Harmonic prz sits on 10736 to 10800 and it is the supply zone. The important thing is what you guys need to do at this point and what not do. First, stop chasing the trade and do not fight with the Market. Let's talk about key factors for this week and for today's trade setup.

Key Factor
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1-The Home Ministry issued the Unlock 4 guidelines under which metro trains will be allowed to resume services from September 7 in a graded manner, while political, social, and religious congregations of up to 100 people will be permitted from September 21. However, schools, colleges, and other educational and coaching institutions will remain closed for students till Sept 30, with some relaxations for students of classes 9 to 12.
2-The ED said it has unearthed an online betting scam that involved Chinese nationals and used payment wallets such as Paytm, Cashfree, and Razorpay to make remittances worth Rs 1,200 crore in India and abroad.
3-States will have to bear the interest burden if they decide to borrow the entire Rs 2.35 trillion shortfalls estimated in GST revenue: that’s the second option the central Govt has proposed to raise resources to compensate states amid inadequate cess collection.
4-India reported an increase of 76,472 in its total count of confirmed coronavirus cases. With this, the country’s total Covid-19 case tally reached 3,463,972, and 1,021 fatalities pushing its death toll to 62,550. It is now the third most affected country by total cases, second by active cases, and fourth by death toll.
5-The I-tax dept will soon start sending out intimation to assessees undergoing scrutiny that such cases would now be handled under faceless assessment. Domestic transfer pricing cases too will be covered under the faceless assessment mechanism.
6-The RBI is unlikely to extend the moratorium on repayment of bank loans beyond August 31 as an extension could impact the credit behavior of borrowers without resolving the issues being faced by them following the outbreak of the Covid-19.
7-The Supreme Court held that no state or university can promote students in the final year without holding exams as per the guidelines of the University Grants Commission.
8- Dow is still strong and trading on upside note.300+ Point rally after the Friday trading session.
9- Crude oil steady but almost flat since June month.
10-Rupees is looking strong and in a much better position in August Month.

Trade setup for 31st August
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As I said in starting that Index is trading on their supply zone so Intraday Trade is a bit tricky here. I will prefer shorts Positions but only for confirmation. There is no a certain level since a lot of chances to see a major gap up opening. Today use 15-minute candlestick to build your trade. the first 15 minutes and set up your trade on it. Go for long if 15 minutes candle high break or open a short if the low break of 15-minute candles


Disclaimer: I am not a SEBI Registered Research Analyst and all the information provided here is for educational purposes Views are shared based on market research and study and personal in nature. Others can take different views and opinions.

Good Luck and Happy Trading
Virendra Pandey

Trade closed: target reached:

Long term target also achieved