Tuesday 8 February 2022

Nifty Outlook for 09th Feb

 In the previous session :

Nifty went up by 92 points then went down by 170 points before closing higher by 53 points on Tuesday.

Nifty made a new life time high of 18604.45 in this upmove from the lows of 7511.10 made on 24th March 2020


On 08th Feb :-

Nifty triggered our long trade and took our stoploss. Post that Nifty reversed to trigger our short trade and almost competed 2 targets doing 95 points. 


For 09th Feb :-

Sustaining above 17340 enter for 17385 - 17435 - 17570 , SL 17290

Sustaining below 17195 enter for 17150 - 17100 - 16960 , SL 17245


Now for this week :

Nifty has to break and sustain above 17660 - 17750 where it has its initial resistance to move towards next targets of 17990 - 18060 . Sustaining or closing above 18060 Nifty may move towards further targets of 18265 - 18500.

Nifty has to break and sustain below 17375 - 17285 where it has its initial support to move towards next targets of 17040 - 16970 . Sustaining or closing below 16970 Nifty may move towards further targets of 16770 - 16540 .

So far this week Nifty made a low of 17043.65 nearly testing our next weekly support zone of 17040 - 16970 and bounced back to close at 17266.75 . Now in the coming session Nifty has immediate resistance at 17285 - 17375 and needs to break and sustain above it for a further move.  Also Nifty sustaining below 17285 can again correct further towards 17040 - 16970. 

Incase of a gap up beyond the first target then for fresh updated levels intraday follow 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.

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