Nifty Outlook for 25th Jan

 In the previous session :

Nifty went down by 619 points before closing lower by 468 points on Monday.

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 24th Jan :-

Nifty triggered our short trade and completed all targets and much more doing 570 points  . 

For 25th Jan :-

Sustaining above 17215 enter for 17255 - 17300 - 17425 , SL 17170

Sustaining below 17080 enter for 17045 - 16995 - 16870 , SL 17130

Now for this week :

Nifty has to break and sustain above 17695 - 17740 where it has its initial resistance to move towards next targets of 17870 - 17900 where it has next resistance for the week

Nifty has to break and sustain below 17545 - 17495 where it has its initial support to move towards next targets of 17365 - 17335 where it has its next support for the week

This week Nifty has made a low of 16997.85 breaking below both supports and has already completed all downward targets initially expected till 17100 . Now on the downside Nifty has immediate support at 16930 - 16830 which it should hold on closing basis to expect any bounce else we may see the downmove get extended 16750 - 16550 too. On the upside Nifty now has immediate resistance in the zone of 17335 - 17365 which it needs to cross on closing basis to expect further upmove.

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 made a high of 18350.95 for the month giving a move of around 800 points . Post that now Nifty has reversed to make a low of 16997.85 correcting around 1300+ points . Nifty has immediate support at 17170 - 17100 and its needs to give a consecutive close below it for a bigger correction else we may see it bounce back again towards 18000+

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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.