Nifty Tomorrow: Prediction, outlook and Trend for 31st Dec 2020

Medium Term Trend:  ☝UP (Changes to Down below 13300)

Nifty @ 13982 up 50 points : Exhibiting  Strength

In the previous update we had discussed that inspite of Negative divergences the charts are looking strong and Nifty can easily move towards 14K+ levels. Today Nifty almost touched 14K levels and its still going strong hence we can expect this upmove to continue for now.

Level wise we see immediate support at 13825-850 levels and after that the next key support is around 13650-13700 levels and final support at 13300 levels (below which the trend indicator will change to down).

So nothing much to add today, like we mentioned previously too, market is in strong position hence avoid shorting at this stage. Long positions can be held with SLs mentioned above and its likely that market tries to further move towards 14200 levels. So far there is nothing on the charts which is going to make us change our point of view however if Nifty start showing weakness and start trading below levels mentioned above then will have to reassess.

Happy Trading

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