Nifty Spot Outlook for 31st Jan

NIFTY

Nifty spot opened at 11120.85 , it made a high of 11121.10 , it made a low of 11033.90 , before closing at 11049.65 .

Had mentioned that long positions for the day can be taken above 11150 and short positions can be taken below 11110 . Nifty triggered our short trade and completed all targets . Nifty had reversed from just before our initial weekly resistance zone of 11175 - 11190 in the previous session . Now Nifty needs to hold 11015 on closing basis in the coming session for a bounce back to be expected again towards the highs .

Had mentioned in the previous post " Now in the coming session Nifty needs to break and sustain above 11150 to test 11170 - 11175 initially and sustaining above it we can see a further upmove till 11195 - 11215 . Similarly breaking and sustaining below 11110 we can see a test of 11090 - 11085 initially and breaking and sustaining below it we can see a further correction till 11070 - 11050 . " , and Nifty made a low of 11033.90 . Nifty has its weekly support at 11035 - 11015 which should be watched in the coming session as sustaining below it we can see a test of 10965 - 10950 . Holding the support we can see a bounce back to the highs .

Now in the coming session Nifty needs to break and sustain above 11075 to test 11095 - 11100 initially and sustaining above it we can see a further upmove till 11120 - 11145. Similarly breaking and sustaining below 11025 we can see a test of 11005 - 11000 initially and breaking / sustaining below it we can see a further correction till 10975 - 10955 .

Nifty Spot Levels for the day are

Long above 11075 for 11085 - 11100 - 11145 , SL 11045

Short below 11025 for 11015 - 11000 - 10955 , SL 11055

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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.