Nifty Outlook for 16th Dec

 In the previous session:

Nifty went down by 272 points before closing lower by 245 points on Thursday

Nifty made a new lifetime high of 18887.60 on 01st Dec 2022 from the lows of 7511.10 made on 24th March 2020

On 15th Dec:

Nifty triggered our short trade and completed all targets and more doing 220+ points. 

For 16th Dec:

Sustaining above 18455 enter for 18475 - 18505 - 18575, SL 18425

Sustaining below 18375 enter for 18355 - 18325 - 18250, SL 18405

Now for this week:

On the upside:

Nifty has to sustain and close above its immediate resistance at 18550 - 18580 to move towards initial long targets of 18670 - 18695. 

Closing above 18695 Nifty may move towards next long targets of 18770 - 18850

On the downside:

Nifty has to sustain and close below its immediate support at 18445 - 18410 to move towards initial short targets of 18320 - 18300. 

Closing below 18300 Nifty may move towards next targets of 18225 - 18140.

So far this week Nifty made a low of 18345.70 almost reaching our initial weekly short target zone of 18320 - 18300 and bounced back to make a high of 18696.10 completing our initial weekly long targets of 18670 - 18695 and fell today to close at 18414.90 within our weekly support zone of 18445 - 18410. 

Now in the coming session Nifty breaking and sustaining below 18410 Nifty can move towards 18320 - 18300 and sustaining below 18300 can move towards 18225 - 18140. On the upside Nifty has immediate resistance at 18550 - 18580 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.