Nifty Tomorrow: Prediction, outlook and Trend for 16th Dec 2020

Medium Term Trend:  ☝UP (Changes to Down below 12950)

Nifty Facing resistance @ 13600 : Nifty broke below 13500 momentarily but didnt sustain there for long and moved back towards 13575 levels to close almost flat.

In the previous post we had mentioned that "Nifty posted a 'Doji' candle which indicates indecisiveness. It could mean that bulls are beginning to get apprehensive and may go for profit booking (especially if Nifty fails to break above 13600)". 

Yesterday market made a high of 13598 & today we did see some weakness initially. Once 13500 broke in the morning, it did raise a possibility of bulls going in for some profit booking and of markets seeing some kind of correction however it didnt materialized and Nifty bounced from 13440 levels itself and moved back towards 13600 levels.

Now that markets have moved back towards 13600 there is a fair chance of market moving above it as we have seen too much congestion around this price zone and markets have spent way too much time in this price range. Momentum has been slowing down since last few days but now once again beginning to stablize/move up. So in case there is any correction pending in the markets then it should come fast as time is slowly running out for Bears. If we don't see any correction soon then bulls are likely to regroup and push Nifty higher once again.

In Nutshell, The trend remains up and there was a hint of price reversal in the morning once Nifty broke below 13500 levels however bulls prevented that and pushed Nifty back towards 13600. A successful cross above 13600-620 levels in next few trading sessions is likely to put Nifty back on bullish track towards 13800-14K levels.

Happy Trading

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