Nifty Outlook for 22nd Jan

  In the previous session : 

Nifty went up by 109 points then went down by 127 points before closing lower by 54 points on Thursday as compared to the previous day's close. 

Nifty  made a new life time high of 14753.55 in this upmove from the levels of  7511.10  . 

On 21st Jan :

Nifty triggered our long trade with a gap up above our 1st target and took our TSL. Post that Nifty reversed to trigger our short trade and completed 2 targets doing 70 points .

For 22nd Jan :

 

Sustaining above 14640 enter for 14670 - 14705 - 14795 , SL 14605

Sustaining below 14540 enter for 14510 - 14475 - 14385 , SL 14575

 

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 earlier this week Nifty after breaking its initial support had 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 .Post that Nifty broke and sustained  above 14540 for a further move towards 14645 - 14675 making a high of 14753.55 nearly completing our weekly expected extended targets near 14470 - 14870.

Now Nifty has to sustain and close above 14675 for a further move towards 14770 - 14870 . Similarly sustaining or closing below 14460 we can see a retest of 14350 - 14210  levels 

Once again caution is advised on entering fresh long positions in the index as we can expect a good amount of volatility and sudden dips too.

 

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.