Nifty Outlook for 16th Feb

 In the previous session:

Nifty went down by 76 points then went up by 104 points before closing higher by 86 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 15th Feb:

Nifty initially triggered our short trade and took our stoploss. Post that Nifty reversed to trigger our long trade and completed 2 targets doing 55 points.

For 16th Feb:

Sustaining above 18060 enter for 18085 - 18120 - 18200, SL 18030

Sustaining below 17970 enter for 17945 - 17915 - 17830, SL 18000

In the Previous Week: 

Nifty broke below our weekly support multiple but again failed to give a close below it and traded sideways the entire week.

Now for this week:

On the upside:

Nifty has to sustain and close above its immediate resistance at 17920 - 17960 to move towards its initial long targets of 18070 - 18100. 

Closing above 18100 Nifty may move towards next long targets of 18180 - 18290

On the downside:

Nifty has to sustain and close below its immediate support at 17790 - 17750 to move towards initial short targets of 17650 - 17620. 

Closing below 17620 Nifty may move towards next targets of 17525 - 17425.

So far this week Nifty has made a low of 17719.75 breaking below our weekly support zone of 17790 - 17750 and today bounced back sharply to make a high of 18034.10 breaking our weekly resistance zone of 17920 - 17960 and closed at 18015.85 well above the resistance zone. 

Now in the coming session Nifty has immediate support at 17960 - 17920 zone. On the upside Nifty sustaining above 17960 can move towards 18070 - 18100 and sustaining/closing above 18100 can move further towards 18180 - 18290. 

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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.