Nifty Tomorrow: Prediction, outlook and Trend for 29th Dec 2020

Medium Term Trend:  ☝UP (Changes to Down below 13200)

Nifty up 123 points @ 13873 : Maintaining Strength

In the previous update we had discussed that 'hammer pattern' created on 22nd Dec could actually be a positive sign. Further we had mentioned that "Going forward market has some resistance at 13560-75 levels above which 13800-14K can be reclaimed."

Nifty moved above 13575 on next day itself which was a positive sign and motivated Bulls to pull Nifty further towards 13900 levels today. overall Nifty continue to move in a direction which is more or less in line with what we have been forecasting.

Now looking at daily charts, we can see some negative divergences again on daily chart but till now we haven't seen any weakness in price also the momentum remains strong hence for now this negative divergence can be ignored.

Going forward Nifty has good support in 13550-13600 levels and any fall (if seen) should take support around these area. If these levels are broken then we could see some more weakness and Nifty falling back towards 13200 levels (Break of 13200 level this time will change the medium term outlook to 'down').

In Summary, market remains strong and it can easily touch higher levels (14k+) from here. On the downside good support exits in 13550-600 which is likely to act as a support area in case any fall or weakness is observed from here.

Happy Trading

To Join our Nifty algo buy/sell whatsapp message service during market hours, pls click⤇ Nifty Buy/Sell Algorithm  or whatsapp @ 9319321906 

To see our recent trading calls for Nifty Algo- Pls click ⤇  Past Trade summary (updated till  23rd Dec).