Nifty Outlook for 16th Feb

 In the previous session :

Nifty went down by 3 points then went up by 532 points before closing higher by 510 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 15th Feb :-

Nifty triggered our long trade and completed all targets and more doing 440 points. 

For 16th Feb :-

Sustaining above 17465 enter for 17535 - 17620 - 17830 , SL 17385

Sustaining below 17240 enter for 17170 - 17090 - 16870 , SL 17320

Now for this week :

Nifty has to break and sustain above 17500 - 17575 where it has its initial resistance to move towards next targets of 17785 - 17840 . Sustaining or closing above 17840 Nifty may move towards further targets of 18020 - 18220.

Nifty has to break and sustain below 17250 - 17175 where it has its initial support to move towards next targets of 16965 - 16910 . Sustaining or closing below 16910 Nifty may move towards further targets of 16730 - 16530 .

So far this week Nifty has made a low of 16809.65 breaking below our next targets zone of 16965 - 16910 and had also closed below it. Post that today Nifty bounced back sharply to make a high of 17375 reversing the entire correction of the previous session . The fall and rise both were based on new flow. Now Nifty needs to sustain above 17370 for a move towards 17470 - 17500 . On the downside Nifty has immediate support at 17240 - 17150 zone which it needs to break and sustain below for a move towards 17070 - 16850 zone.

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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.