Nifty Outlook for 06th Jan

  In the previous session :

Nifty went down by 56 points then went up by 139 points before closing higher by 120 points on Wednesday.

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 05th Jan :-

Nifty initially triggered our short trade and took our stoploss. Post that Nifty triggered our long trade and nearly completed all targets doing 100 points. 

For 06th Jan :-

Sustaining above 17965 enter for 17990 - 18020 - 18100 , SL 17935

Sustaining below 17885 enter for 17860 - 17830 - 17750 , SL 17915

Now for this week :

Nifty has to break and sustain above 17470 - 17540 where it has its initial resistance for a further move towards 17735 - 17785 where it has its next resistance for the week

Nifty has to break and sustain below 17240 - 17170 where it has its initial support for a further move towards 16970 - 16920 where it has its next support for the week

So far this week Nifty made a high of 17944.70 completing our previous expected targets of 17875 - 17955 on sustaining above 17785 . Now Nifty has to break and sustain above 17965 for a further move towards 18050 - 18150 . On the downside Nifty has immediate support at 17735 - 17785 on corrections where one may look to for a long trade . We may see some profit booking from the current levels . 

As mentioned previously "Nifty has to give a consecutive close above 17540 to expect a further bounce " , and Nifty has given a consecutive close above it and almost completed the move towards 17900 - 18000 with a high of 17944.70 . This move can go towards 18050 - 18150 next but some correction can be seen due to profit booking.

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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.