Nifty Outlook for 09th Feb

 In the previous session:

Nifty went up by 177 points before closing higher by 150 points on Wednesday

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 08th Feb:

Nifty triggered our long trade and completed 2 targets and more doing 100+ points

For 09th Feb:

Sustaining above 17925 enter for 17960 - 18000 - 18100, SL 17890

Sustaining below 17815 enter for 17785 - 17745 - 17640, SL 17855

In the Previous Week: 

Nifty broke below our weekly support multiple times but failed to give a close above it and on Friday gave a close above its weekly resistance.

Now for this week:

On the upside:

Nifty has to sustain and close above its immediate resistance at 17950 - 18010 to move towards its initial long targets of 18170 - 18210. 

Closing above 18210 Nifty may move towards next long targets of 18340 - 18490

On the downside:

Nifty has to sustain and close below its immediate support at 17760 - 17700 to move towards initial short targets of 17540 - 17500. 

Closing below 17500 Nifty may move towards next targets of 17370 - 17210.

So far this week Nifty made a low of 17652.55 breaking below our weekly support zone of 17760 - 17700 but recovered to bounce towards 17898.70 and closed at 17871.70

Now in the coming session Nifty breaking and sustaining above 17925 has immediate resistance at 17950 - 18010 and we need it to break and sustain above it for a further move towards 18170 - 18210. On the downside Nifty breaking and sustaining below 17815 has immediate support at 17760 - 17700.

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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.