Nifty Outlook for 31st Jan

 In the previous session:

Nifty went up by 105 points then went down by 199 points before closing higher by 45 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 30th Jan:

Nifty initially triggered our long trade and completed just 1 target and took our TSL. Post that Nifty triggered our short trade and almost completed all targets doing 145 points.

For 31st Jan:

Sustaining above 17720 enter for 17750 - 17775 - 17870, SL 17665

Sustaining below 17580 enter for 17550 - 17520 - 17420, SL 17635

In the Previous Week: 

Nifty triggered our weekly short trade and completed all targets till 17590 and exceeded it with a low of 17493.55

Now for this week:

On the upside:

Nifty has to sustain and close above its immediate resistance at 17690 - 17750 to move towards its initial long targets of 17890 - 17930. 

Closing above 17930 Nifty may move towards next long targets of 18060 - 18200

On the downside:

Nifty has to sustain and close below its immediate support at 17520 - 17460 to move towards initial short targets of 17320 - 17280. 

Closing below 17280 Nifty may move towards next targets of 17150 - 17010.

Today Nifty made a high of 17709.15 testing our weekly resistance zone of 17690 - 17750 and reversed to make a low of 17405.55 breaking below our weekly support zone of 17520 - 17460 and bounced back to close at 17648.95 within the support zone.

Now in the coming session Nifty breaking and sustaining below 17460 can move towards 17320 - 17280. On the upside Nifty has immediate resistance at 17750 and has to break and sustain above it to move towards 17890 - 17930 

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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.