Nifty Outlook for 20th Jan

 In the previous session : 

Nifty went up by 265 points before closing higher by 240 points on Tuesday as compared to the previous day's close. 

Nifty  made a new life time high of 14653.35 in this upmove from the levels of  7511.10  . 

On 19th Jan :

Nifty triggered our long trade with a gap up above our 1st target and completed all targets and more doing 190 points .

For 20th Jan :

 

Sustaining above 14575 enter for 14605 - 14645 - 14740 , SL 14535

Sustaining below 14470 enter for 14435 - 14400 - 14300 , SL 14505

 

Now for this week :

Nifty has immediate resistance at 14500 - 14540 zone and sustaining or closing above it we may see a further move towards 14645 - 14675 zone 

Nifty has immediate support at 14370 - 14330 zone and sustaining or closing below it we may see a further move towards 14220 - 14190 zone . 

So far this week Nifty after breaking its initial support has made a low of 14222.80 near our immediate target zone of 14220 - 14190 . In the next session Nifty failed to break and sustain below 14220 - 14190 support and we saw a sharp bounce back towards 14546.05 which is our immediate resistance zone for the week .Now in the coming session Nifty has to break and sustain or close above 14540 for a further move towards 14645 - 14675 where we can see selling pressure return .

Last week caution was advised on entering fresh long positions near 14600+ levels and saw a quick correction from 14653 till 14222.80 of nearly 400+ points. 

 

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

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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.