Nifty Intraday Outlook For Monday

On the Daily chart, it is expecting that market might see higher-top higher-bottom formation along with a pattern that resembles a double bottom formation suggests that the indices are likely to test higher levels. The projected target for the double bottom formation is around 21,000 / 6,300 levels .We maintain our view that the indices are likely to test 20,890 - 21,000 / 6,250 - 6,300 levels in the next couple of weeks. On the downside, 20,200 - 20,000 / 6,050 - 5,980 levels may act as a support for the week. Traders holding balance 50% position in Nifty Future can trail their stop loss to 5,985 levels.