Sunday, 19 January 2020

Weekly Spot Outlook Of Nifty For 20th to 24th Jan

In the previous week : 

Nifty went up by 132 points before finally ending the week with a gain of 95 points compared to last weekly closing. 

Nifty made a new life time high of 12389.05 on 16th January and now has to break and close strongly above 12400 for a further rally else we can again see profit booking and shorts taking place. 

For this week :

Nifty can face resistance at 12390 - 12415 & above it at 12485 - 12500

Nifty can take support at 12315 - 12290 & below it at 12220 - 12205

Targets expected on breaking resistance of 12500 is 12560 - 12625

Targets expected on breaking support of 12205 is 12145 - 12080 

How to use these levels 
  • Enter on breaking above/below the initial weekly resistance or support zone and look to book partly/fully once price enters the next resistance or support zone . Re-enter if price sustains or closes above / below the next resistance or support zone for final targets . 

For this month :
  • Nifty longs will get confirmed with a consecutive close above 12305 for a initial target of 12445 - 12480 and sustaining / closing above 12480 we can see a further move till 12600 - 12735 .  
  • Nifty longs have been confirmed and a move till 12445 - 12480 can be expected . The only drawback is that Bank Nifty is not in sync and has once again triggered its monthly sell and now needs to reverse on Monday to the upside.

  • Nifty shorts will get confirmed with a consecutive close below 12035 for  a initial target of 11895 - 11855 and sustaining / closing below 11855 we can see a further move till 11735 - 11600 . 

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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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