Nifty Spot Outlook for 07th Jan

In the previous session : 

Nifty corrected by 252 points and closed down by 233 points from Friday close . 

Nifty made a life time high of 12293.90 on 20th December and has since then been trading sideways to negative. 

Nifty triggered a short trade as per our weekly levels and did around 200 points   

                                       

For 07 Jan  :

Sustaining above 12030 enter for 12055 - 12080 - 12155 

Sustaining below 11955 enter for 11930 - 11905 - 11830 

How to use these levels 

• Enter on sustaining above/below the levels mentioned and look to book partly/fully once at the 2nd target as its placed at the resistance / support . Re-enter if price sustains above / below the 2nd target with a trailing stoploss of the entry levels. 

For this month :

• Nifty longs will get confirmed with a consecutive close above 12305 for a initial target of 12445 - 12480 and sustaining / closing above 12480 we can see a further move till 12600 - 12735 .  

• Nifty shorts will get confirmed with a consecutive close below 12035 for  a initial target of 11895 - 11855 and sustaining / closing below 11855 we can see a further move till 11735 - 11600 . 

• We have got a close below 12035 and sustaining / closing below it in the coming sessions can take this correction towards 11895 - 11855 next.

 

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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.