Nifty Spot Outlook for 02nd February

NIFTY

Nifty spot  opened  at 8570.35 and made a low of 8537.50 , went up till 8722.40 before closing at 8716.40 . Had mentioned that long positions can be taken above 8586 and short positions can be taken below 8537 for the day .  

Nifty came close to triggered our short but reversed and went up to trigger our intraday long trade and completed all our daily long targets . Nifty also triggered our weekly long trade and completed nearly 3 targets missing our initial 3rd target by 20 points . In  the first session Nifty had achieved our 3rd short target from the weekly short trade confirmed in the previous session . Further correction in Nifty was to resume below 8522 Nifty spot and it did not test our weekly level to stay short and also Nifty did not trigger our daily short level . 

Had mentioned in the previous posts 'Nifty has given a second consecutive close above 8600 and if it manages to break and sustain above 8663 then we may see some resistance near 8692 - 8699 levels ' and today Nifty broke and closed above this level after making a high of 8722.40 . Have been mentioning since November that ' A deeper downmove can be expected on a consecutive close below 7895 ' and we had seen Nifty make a low of 7893.80 in the last week of December.  Also had mentioned in the previous posts ' Those who are holding longs or intending to go long on a correction should keep a strict cbsl of 8503 for their positions ' .

Now for this week Nifty Spot needs to break and sustain above 8699 for long confirmation, then we can expect a move till 8735 - 8761 initially and closing above 8776 we can expect the next move till 8829 - 8887 . Similarly this week Nifty spot needs to break and sustain below 8583 then we can expect a move till 8547 - 8522 initially and closing below 8506 we can expect a further move till 8454 - 8396' .

For the month of February we can expect uptrend in Nifty spot on a consecutive closing above 8696 and downtrend on a consecutive closing below 8427 . In January we had given 8329 closing as the long confirmation level for Nifty and we saw a move of 340+ points after Nifty had closed above the monthly long confirmation level . Today we got a close above 8696 and we need to see if we can get a consecutive close now.

For today if Nifty spot sustains above 8746 we can see a initial move on the upside till 8778 & on sustaining above 8786 we may see further move till 8844 . Similarly if Nifty spot sustains below 8686 we may see a initial move on the downside till 8655 & on sustaining below 8647 we may see a further move till 8589 . 

Nifty Spot Levels for the day are

Long above 8746 for 8765 - 8786 - 8844 , SL 8707

Short below 8686 for 8668 - 8647 - 8589 , SL 8726

If you want to see the post in your Inbox , kindly register by adding your email id in  the 'Subscribe to my posts' section on the top right side of the blog. Also please give your valuable feedback by selecting the appropriate box at the bottom of the post.

Disclaimer : These are my personal views and one should do their own research before entering any trades based on them  . The use of the blog is agreement that the blog is for informational and educational purposes only and does not constitute advice in any form in the furtherance of any trade or trading decisions.