Nifty Outlook for 21st Feb

 In the previous session:

Nifty went up by 60 points then went down by 125 points before closing lower by 99 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 20th Feb:

Nifty initially triggered our long trade and completed just 1 target and took our trailing stoploss. Post that Nifty reversed to trigger our short trade and almost completed all targets doing 90 points.

For 21st Feb:

Sustaining above 17880 enter for 17905 - 17930 - 17990, SL 17855

Sustaining below 17805 enter for 17785 - 17760 - 17690, SL 17835

In the Previous Week: 

Nifty triggered our long trade on closing above 17960 and completed our initial weekly long targets of 18070 -18100 with a high of 18134.75

Now for this week:

On the upside:

Nifty has to sustain and close above its immediate resistance at 18000 - 18035 to move towards its initial long targets of 18130 - 18155. 

Closing above 18155 Nifty may move towards next long targets of 18230 - 18320

On the downside:

Nifty has to sustain and close below its immediate support at 17890 - 17850 to move towards initial short targets of 17760 - 17730. 

Closing below 17730 Nifty may move towards next targets of 17650 - 17560.

So far this week Nifty made a high of 18004.35 testing our weekly resistance zone of 18000 - 18035 and reversed sharply to make a low of 17818.40 breaking below our weekly support zone of 17890 - 17850 and closed below it at 17844.60

Now in the coming session Nifty has immediate resistance at 17900 - 18000 zone on the upside and we can see selling on up moves towards these levels. On the downside Nifty sustaining below 17850 can move towards 17760 - 17730 zone where it may find some support for a bounce.

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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.