Nifty Spot Outlook for 05th Jan

NIFTY

Nifty spot opened at 10469.40 , made a low of 10441.45,  it made a high of 10513,  before closing at 10504.80

Had mentioned that long positions for the day can be taken above 10460 and short positions can be taken below 10425 .  Nifty triggered our long trade and completed all 3 long targets for the day giving around 50 points  .  Nifty had also confirmed our weekly short trade in the previous session and completed 5 weekly short targets giving around 100 points from the weekly short trade  . Had mentioned in the previous post that " Those who are short should keep a cbsl of 10510 now " , and Nifty today has closed just 5 points below it . 

Had mentioned in the previous post " Now in the coming session Nifty needs to break and sustain below 10425 to test  10410 - 10405 initially and sustaining below it we can see a further correction till 10390 - 10370 . Similarly breaking and sustaining above 10460 we can see a test of 10480 - 10485 initially and breaking / sustaining above it we can see a further move till 10500 - 10515  . " , and today Nifty made a high of 10513 . 

Nifty had given consecutive a close below 10450 and we should have seen a test of 10365 - 10340 levels . Those who are short should keep a cbsl of 10510 now. 

Now in the coming session Nifty needs to break and sustain below 10485 to test 10465 - 10460 initially and sustaining below it we can see a further correction till 10445 - 10425. Similarly breaking and sustaining above 10525 we can see a test of 10545 - 10550 initially and breaking / sustaining above it we can see a further move till 10565 - 10585

Nifty Spot Levels for the day are

Long above 10525 for 10535 - 10550 - 10585 , SL 10499

Short below 10485 for 10475 - 10460 - 10425 , SL 10511

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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.