Nifty Outlook for 17th Feb

 In the previous session : 

Nifty went up by 117 points then went down by 72 points before closing lower by 1.25 points on Tuesday as compared to the previous day's close. 

Nifty  made a new life time high of 15431.75 in this upmove from the levels of  7511.10  . 

On 16th Feb :

Nifty initially triggered our long trade with a gap opening and completed all targets doing 60 points. Post that Nifty reversed to trigger our short trade and completed 2 targets doing another 40 points.

For 17th Feb :

 

Sustaining above 15340 enter for 15360 - 15380 - 15430 , SL 15320

Sustaining below 15285 enter for 15270 - 15250 - 15195 , SL 15305

 

Now for this week :

Nifty has immediate resistance at 15240 - 15285 zone and sustaining or closing above it we may see a further move towards 15415 - 15450 zone 

Nifty has immediate support at 15090 - 15040 zone and sustaining or closing below it we may see a further move towards 14910 - 14880 zone . 

So far this week Nifty has broken and closed above 15285  which was the outer end of the initial resistance zone and we were expecting to see a move towards the next targets of 15415 - 15450 and Nifty made a high of 15431.75 completing those targets . 

Now Nifty needs to break and sustain above 15460 for a further move towards 15550 - 15600 and failing to break above 15460 we can see some profit booking and selling.

Caution advised on entering fresh long positions on further upmoves from here . Those who are looking to enter shorts on further rise towards 15450 - 15550 should keep a cbsl of 15660 .

 

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.