Nifty Outlook for 03rd Jan

 In the previous session:

Nifty went up by 13 points then went down by 186 points before closing lower by 76 points on Tuesday 

Nifty made a new lifetime high of 21834.35 on 01st Jan 2024 from the lows of 7511.10 made on 24th March 2020

On 02nd Jan:

Nifty triggered our short trade and almost completed all targets doing 120 points 

For 03rd Jan:

Sustaining above 21725 can move towards 21755 - 21795 - 21900, SL 21685

Sustaining below 21610 can move towards 21575 - 21535 - 21430, SL 21650

In the Previous Week: 

Nifty completed our initial weekly long targets till 21700 - 21750 making a high of 21801 on sustaining above 21520.

Now for this week:

On the upside:

Nifty has to sustain and close above its weekly resistance at 21820 - 21875 to move towards its initial weekly long targets of 22030 - 22070

Closing above 22070 Nifty may move towards its last weekly long targets of 22190 - 22340

On the downside:

Nifty has to sustain and close below its weekly support at 21640 - 21585 to move towards its initial weekly short targets of 21440 - 21390

Closing below 21390 Nifty may move towards its last weekly short targets of 21270 - 21120

So far this week Nifty has made a high of 21834.35 testing our weekly resistance zone of 21820 - 21875 and reversed to make a low of 21555.65 breaking our weekly support zone of 21640 - 21585 but bounced and closed at 21665.80. Overall Nifty is moving sideways.

Now in the coming session Nifty has immediate support at 21640 - 21585 and holding the same can bounce back towards 21820 - 21875 where it has immediate resistance. Nifty can move sideways unless we get a close below 21585 or above 21875.

In case of a gap up beyond the first target then for fresh updated levels intraday follow the telegram channel "simplytradestocks".

Join our Telegram Channel "simplytradestocks" for live index & stock trading ideas during market hours.                              

To receive this post daily in your inbox, kindly register by adding your email id in the 'Subscribe to my posts' section on the top right side of the blog.

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