Watch Crucial Levels for next trend indications and confirmations
Market Outlook(21-12-2016)
Next supports between 8063-8083 were updated 2 times in previous 3 outlooks and Nifty closed within this range at 8082.40 with today lowest formations at 8062.75 which means that Nifty completely honoured this support range on 20-12-2016. As strong supports are below 8063 and equally strong resistances are above 8083 therefore firstly sustaining it beyond should be watched in the coming sessions because that will give first indication of next trend.
1- Immediate multiple strong supports are between 7916-7995
2- Next resistances are between 8137-8159,8165-8200 and 8168-8224
Expected that Nifty will firstly trade and prepare for next big trend between 7995-8137 in the coming 1/2 sessions but final confirmation of next trend will be valid break out of 7916-8224 because that will confirm deeper 400 points correction below 7916 or fresh strong rally after correction completion above 8224.
As Nifty is trapped between supports and resistances therefore above mentioned levels levels should be firstly watched one by one in the coming sessions for next Trend indications and confirmations.