Nifty Outlook for 07th Jan

  In the previous session :

Nifty went down by 270 points before closing lower by 179 points on Thursday.

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 06th Jan :-

Nifty triggered our short trade with a big gap down and exceeded all targets and still gave 100+ points.

For 07th Jan :-

Sustaining above 17795 enter for 17825 - 17860 - 17950 , SL 17760

Sustaining below 17695 enter for 17665 - 17630 - 17540 , SL 17730

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 . Post that in todays session Nifty corrected till 17655 and closed within our next resistance zone. Now in the coming session Nifty breaking and sustaining below 17735 can move towards 17540 - 17470 . For a upmove Nifty has to break and sustain above 17785 for move back towards 17900 - 17950. 

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.