Nifty Outlook for 29th Mar

 In the previous session:

Nifty went up by 76 points then went down by 72 points before closing lower by 34 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 28th Mar:

Nifty triggered our long trade and almost completed 2 targets doing 40 points and took our trailing stoploss. Post that Nifty reversed to trigger our short trade and again almost completed 2 targets doing 35 points. 

For 29th Mar:

Sustaining above 16985 enter for 17005 - 17030 - 17090, SL 16960

Sustaining below 16915 enter for 16900 - 16875 - 16820, SL 16940

In the Previous Week: 

Nifty confirmed our short trade and made a low of 16828.35 completing our initial weekly short target of 16840 - 16800 and then bounced back to trigger our trailing stoploss on weekly levels .

Now for this week:

On the upside:

Nifty has to sustain and close above its weekly resistance at 17000 - 17040 to move towards its initial weekly long targets of 17140 - 17165. 

Closing above 17165 Nifty may move towards next long targets of 17240 - 17340

On the downside:

Nifty has to sustain and close below its weekly support at 16890 - 16850 to move towards initial weekly short targets of 16760 - 16730

Closing below 16730 Nifty may move towards next targets of 16650 - 16550.

So far this week Nifty made a low of 16913.75 and made a high of 17091 breaking above our weekly resistance zone but could not sustain and closed at 16951.70.

Now in the coming session Nifty has immediate support at 16890 - 16850 and has to break and sustain below it for a further down move towards our initial weekly short targets. On the upside Nifty has immediate resistance at 17000 - 17040 and has to break and sustain above it for a further move towards our initial weekly long targets of 17140 - 17165

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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.