Nifty Tomorrow: Prediction, outlook and Trend for 19th Jan 2021

Medium Term Trend:  ☝UP (Changes to Down below 13950)

Nifty @ 14280  down 150 points: Another Bad Session for the Markets

After cracking for 150+ points on Friday, Nifty continued its downward move and lost further 150 points today.  So in matter of couple of days Nifty has moved from 14600+ levels to below 14300 levels.

Now we had clearly warned about this possible weakness in our last couple of posts. Infact in the previous post we had mentioned that: 

"Now that 14475 is conclusively broken its recommended to book profit on long position and sit out for some time. Next support level is around14250-14275 and its very critical"

This is exactly how markets shaped up today and Nifty dropped towards 14250 and closed around 14280 levels. Which shows that level mentioned by us are indeed working and market is respecting them.

Now moving forward , next few trading sessions could be extremely critical for markets and could decide if this correction will end here and Nifty will start moving up again or we will see a larger degree correction. If Nifty continues to trade below 14240-50 levels and sustains then we can see further weakness and its possible that markets see more weakness and drops towards 14K levels. Break below 14K will be an indication of a larger degree correction.From trading perspective we exited our long at 14508 levels on Thursday itself.

Happy Trading

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