Nifty Outlook for 20th Jan

 In the previous session:

Nifty went down by 101 points before closing lower by 57 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 19th Jan:

Nifty triggered our short trade and completed just 1 target doing 35 points

For 20th Jan:

Sustaining above 18155 enter for 18185 - 18220 - 18310, SL 18120

Sustaining below 18060 enter for 18030 - 17995 - 17910, SL 18095

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.

So far this week Nifty made a low of 17853.65 testing our weekly support zone of 17875 - 17825 and reversed to break above our weekly resistance zone to make a high of 18183.75 moving towards our initial weekly long targets of 18230 - 18265 and today closed at 18107.85

Now in the coming session Nifty has to sustain above 18090 to move towards 18230 - 18265. On the downside Nifty has immediate support at 18040 and has to break and sustain below it to move towards 17950 - 17900

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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.