Nifty Outlook for 16th Mar

  In the previous session:

Nifty went up by 168 points then went down by 104 points before closing lower by 71 points

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 Mar:

Nifty initially triggered our long trade and completed 2 targets and took our TSL. Post that Nifty reversed to trigger our short trade and almost completed 2 targets doing 40 points.

For 16th Mar:

Sustaining above 17030 enter for 17065 - 17110 - 17220, SL 16990

Sustaining below 16915 enter for 16880 - 16835 - 16730, SL 16955

In the Previous Week: 

Nifty confirmed our short trade and made a low of 17324.35 coming close to our initial weekly short target of 17285 - 17245

Now for this week:

On the upside:

Nifty has to sustain and close above its immediate resistance at 17505 - 17565 to move towards its initial long targets of 17720 - 17760. 

Closing above 17760 Nifty may move towards next long targets of 17900 - 18040

On the downside:

Nifty has to sustain and close below its immediate support at 17320 - 17260 to move towards initial short targets of 17105 - 17065. 

Closing below 17065 Nifty may move towards next targets of 16930 - 16780.

So far this week Nifty had made a high of 17529.90 testing our weekly resistance zone of 17505 - 17565 and reversed sharply to confirm our weekly short trade and completed our initial weekly short targets of 17105 - 17065 and almost reached our last weekly short target zone of 16930 - - 16780 making a low of 16938.90 and closed at 16972.15

Now in the coming session Nifty has to break and sustain below 16930 to move towards 16840 - 16780. On the upside Nifty has immediate resistance at 17065 - 17105 and has to break and sustain above it for any further 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.