Nifty Spot Outlook for 31st Jan

NIFTY

In the previous session Nifty spot opened at 10702.25 and made a high of 10710.20 ,  it made a low of 10612.85  before closing at 10651.80

Had mentioned that long trade will get triggered for the day on sustaining above 10675 and short trade will get triggered for the day on sustaining below 10630. Nifty initially triggered our long trade with a gap up above our 2nd target and did not give a chance to enter . It then triggered our short trade but did just 1 target and reversed indicating indecisiveness. 

Had mentioned " For this week Nifty needs to break and sustain / close above 10850 to test 10920 - 10940 initially and above it we can see a test of 11000 - 11065 . Similarly Nifty needs to break and sustain / close below 10715 to test 10645 - 10625 initially and below it we can see a test of 10565 - 10495." , and Nifty had triggered our weekly shorts and nearly tested our next targets of 10565 - 10495 with a low of 10583.65 where exit was mentioned.

As written in the previous post "Now Nifty needs to hold 10565 in the coming session on closing basis for any small pullback to be expected towards 10715 - 10740 ." , and with today's pullback we saw a high of 10710.20 near our target and exit levels.

Also as mentioned " For the month of January , longs in Nifty will get confirmed with a consecutive close above 10960 for a initial target of 11145 - 11195 and sustaining / closing above it we can see a further test of 11355 - 11530 . Similarly , shorts will get confirmed with a consecutive close below  10600 for a initial target of 10415 - 10370 and sustaining / closing below it we can see a further move till 10205 - 10030 . " , and Nifty failed to sustain  above 10960 and corrected now by 375 points . 

Now in the coming session Nifty needs to break and sustain above 10675 to test 10695 - 10700 initially and sustaining above it we can see a further upmove till 10715 - 10735. Similarly breaking and sustaining below 10630 we can see a test of 10610 - 10605 initially and breaking and sustaining below it we can see a further correction till 10590 - 10570. 

Nifty needs to strongly break and sustain above 10760 for a further upmove on expiry day.

Nifty Spot Levels for the day are

Long above 10675 for 10685 - 10700 - 10735 , SL 10655

Short below 10630 for 10620 - 10605 - 10570 , SL 10645

The expected expiry range band is as follows  

Upper End - 10725 to 10750

Lower End - 10580 to 10550

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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.