Nifty Outlook for 16th Dec

 In the previous session : 

Nifty went down by 84 points then went down by 111 points then went up 31 points before closing higher by 9 points on Tuesday as compared to the previous day's close. 

Nifty  made a new life time high of 13597.50 in this upmove from the levels of  7511.10  . 

On 15th Dec :

Nifty initially triggered our short trade and completed all targets doing 85 points . Later towards the end of session Nifty triggered our long trade but could not complete any targets. 

For 16th Dec :

 

Sustaining above 13590 enter for 13605 - 13620 - 13660 , SL 13575

Sustaining below 13545  enter for 13530 - 13515 - 13475 , SL 13560

 

Now for this week :

Nifty has immediate resistance at 13555 - 13580 zone and closing above it we may see a further move towards 13650 - 13665 zone 

Nifty has immediate support at 13475 - 13450 zone and closing below it we may see a further move towards 13380 - 13365 zone . 

So far this week Nifty has made a high of 13597.50 just above our initial resistance zone and closed with in . It needs to now sustain / close above 13580 for a further move towards 13650 - 13665 where we can see some profit booking. 

Now overall Nifty can face some resistance in 13555 - 13580 zone and if closes strongly above it then we can see a further upmove . Failing to close above it we can see it test its strong support at 13380 - 13365 zone.

Incase we get a gap up beyond the 1st target then will update fresh levels as per pre opening on the telegram channel "simplytradestocks"

Join our Telegram Channel "simplytradestocks" for live stock trading ideas during market hours                                      

To receive this post daily in your inbox, kindly register by adding your email id in  the 'Subscribe to my posts' section on the top right side of the blog.

Disclaimer : These are my personal views and one should do their own research before entering any trades based on them  . The use of the blog is agreement that the blog is for informational and educational purposes only and does not constitute advice in any form in the furtherance of any trade or trading decisions.