Nifty Outlook for 17th Jan

  In the previous session:

Nifty went up by 93 points then went down by 103 points before closing lower by 62 points on Monday

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 16th Jan:

Nifty opened with a gap up above our 1st long target but failed to confirm a long trade as we did not get a 15 mins close above 18010. Post that Nifty reversed to trigger our short trade and almost completed 2 targets doing 45 points

For 17th Jan:

Sustaining above 17945 enter for 17975 - 18010 - 18100, SL 17910

Sustaining below 17845 enter for 17815 - 17780 - 17685, SL 17880

In the Previous Week: 

Nifty traded between our weekly support and resistance for most part of the week

Now for this week:

On the upside:

Nifty has to sustain and close above its immediate resistance at 18040 - 18090 to move towards its initial long targets of 18230 - 18265. 

Closing above 18265 Nifty may move towards next long targets of 18385 - 18520

On the downside:

Nifty has to sustain and close below its immediate support at 17875 - 17825 to move towards initial short targets of 17685 - 17650. 

Closing below 17650 Nifty may move towards next targets of 17530 - 17400.

Today Nifty made a high of 18049.65 testing our weekly resistance zone of 18040 - 18090 and reversed to make a low of 17853.65 testing our weekly support zone of 17875 - 17825 and closed at 17894.85

Now in the coming session Nifty has to break and sustain below 17875 - 17825 to move towards 17685 - 17650. On the upside Nifty has to break and sustain above 18040 - 18090 to move towards 18230 - 18265.

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Disclaimer: I am not SEBI registered and these are my personal views and one should do their own research or consult a financial advisor 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.