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Thursday, December 31, 2020

Technical Outlook, 31 December 2020

                                                                                        


Nifty Technical Outlook, Positional & Intraday Trading Levels



Today, 13970 is the crucial intraday level for Nifty.
If Nifty trades above 13970, then it could test 13400 and above that level it could test 14050. 
Instead, if Nifty trades below 13970, then it could test 13930, and below that level it could test 13890.

Short term Technical View of Nifty

For the short term, the level 14000 is crucial. If it sustains below this level, then it is likely to test 13200. Instead, if it trades above 13900, then it is likely to test 14100.


Medium term outlook of Nifty, dated on 7 August 2020

The medium term outlook of Nifty would remain bullish if it sustains above 9900. Nifty is likely to move towards 12500.

Long term outlook of Nifty, dated on 7 August 2020

A major correction in Nifty is over. The long term outlook of Nifty is looking bullish and this view holds good as long as Nifty sustains above 9000 and in the upper side it is likely to test 13000 in coming months.




Technical View of Bank Nifty 


Bank Nifty Intraday levels

Today, 31450 is crucial for Intraday.
If Bank Nifty trades above 31450, then it could test 31500 and above that level it could test 31650.
Instead, if Bank Nifty trades below 31450, then it could test 31250 and below that level it could test 31100.


Short term correction is likely in coming days

The level 31000 is crucial for Bank Nifty in the short term. As long as it trades above that level, a rally towards 32000 level is likely. Instead, if it could not sustain above 31000, then it could test 27500 in the downside.
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