Nifty Outlook for 23rd Jan

 In the previous session:

Nifty went up by 98 points then went down by 80 points before closing lower by 50 points on Saturday 

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 20th Jan:

Nifty traded sideways between our long and short trigger zone 

For 23rd Jan:

Sustaining above 21650 can move towards 21695 - 21750 - 21895, SL 21595

Sustaining below 21495 can move towards 21450 - 21395 - 21250, SL 21550

In the Previous Week: 

Nifty initially triggered our weekly long trade above 22030 but took our stoploss. Post that Nifty triggered our weekly short trade below 21760 and completed all short targets till 21330 wiht  a low of 21285.55.

Now for this week:

On the upside:

Nifty has to sustain and close above its weekly resistance at 21750 - 21825 to move towards its initial weekly long targets of 22030 - 22090

Closing above 22090 Nifty may move towards its last weekly long targets of 22270 - 22470

On the downside:

Nifty has to sustain and close below its weekly support at 21500 - 21420 to move towards its initial weekly short targets of 21210 - 21150

Closing below 21150 Nifty may move towards its last weekly short targets of 20970 - 20770

So far this week Nifty has made a high of 21720 and made a low of 21541.80 and has not triggered our weekly trade on any side and closed at 21571.80.

Now in the coming sessions Nifty has immediate resistance at 21750 - 21825 and has to break and sustain/ close above it for a further upmove. On the downside Nifty has immediate support at 21500 - 21420 and has to break and sustain/close below it for a further move on the downside.

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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