Nifty Outlook for 24th Feb

 In the previous session:

Nifty went up by 65 points then went down by 98 points before closing lower by 43 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 23rd Feb:

Nifty initially triggered our short trade and almost completed 2 targets doing 55 points. Post that Nifty reversed to trigger our long trade but did not complete any target and took our stoploss.

For 24th Feb:

Sustaining above 17555 enter for 17580 - 17615 - 17690, SL 17525

Sustaining below 17465 enter for 17440 - 17410 - 17330, SL 17500

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 17455.40 today and completed all our weekly short targets till 17650 - 17560 on sustaining/closing below 17850 extending the weekly targets by 100 points and closed at 17511.25

Now in the coming session Nifty has immediate support at 17500 - 17400 from where we can see a bounce. On the upside Nifty has 17620 - 17700 zone and has to break and sustain above it for a further move.

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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.