Nifty Outlook for 17th Jan

 In the previous session:

Nifty went up by 26 points then went down by 127 points before closing lower by 65 points on Tuesday 

Nifty made a new lifetime high of 22124.15 on 16th Jan 2024 from the lows of 7511.10 made on 24th March 2020

On 16th Jan:

Nifty triggered our short trade and completed 2 targets doing 75 points

For 17th Jan:

Sustaining above 22080 can move towards 22110 - 22150 - 22240, SL 22045

Sustaining below 21980 can move towards 21950 - 21920 - 21830, SL 22015

In the Previous Week: 

Nifty triggered our weekly short trade below 21600 and completed our initial weekly short targets till 21480 - 21450 with a low of 21448.65 and took our trialing stoploss.

Now for this week:

On the upside:

Nifty has to sustain and close above its weekly resistance at 21980 - 22030 to move towards its initial weekly long targets of 22170 - 22210

Closing above 22210 Nifty may move towards its last weekly long targets of 22330 - 22460

On the downside:

Nifty has to sustain and close below its weekly support at 21810 - 21760 to move towards its initial weekly short targets of 21620 - 21580

Closing below 21580 Nifty may move towards its last weekly short targets of 21460 - 21330

So far this week Nifty made a high of 22124.15 and closed at 22032.30 after triggering our weekly long trade on Monday. The cbsl for the weekly long trade is 21935.

Now in the coming session Nifty trading above 22030 can move towards 22170 - 22210. On the downside Nifty has immediate support at 21970 and sustaining below it we can see a dip till 21920 - 21870.

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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