Nifty Spot Outlook for 21st Jan

 In the previous session : 

Nifty went down by 3 points then went up by 145 points before closing higher by 123 points on Wednesday as compared to the previous day's close. 

Nifty  made a new life time high of 14666.45 in this upmove from the levels of  7511.10  . 

On 20th Jan :

Nifty triggered our long trade and completed 2 targets doing 70 points .

For 21st Jan :

 

Sustaining above 14700 enter for 14730 - 14770 - 14865 , SL 14660

Sustaining below 14590 enter for 14560 - 14520 - 14420 , SL 14630

 

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 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 14666.45 completing our weekly expected targets .

Now Nifty has to sustain and close above 14675 for a further move towards 14770 - 14870

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.