Thursday, 22 December 2016

Nifty Spot Outlook for 23rd December


Nifty spot  opened  at 8043.85 and made a high of 8046.45 , went down till 7964.95 before closing at 7979.10 . Had mentioned that long positions can be taken above 8075 and short positions can be taken below 8048 for the day.  Nifty opened below our short trigger and completed all our daily targets . Nifty closed today below our monthly short level but we need a consecutive close to confirm the same . Those who are holding weekly shorts should keep a TSL of 8010 for their positions . Though Nifty has closed below 7990 which is our level to stay short for the week , we are now approaching our last short targets for the week of 7935 - 7870 which is a good support zone too and if held we may again see a pullback till 8270 - 8290   . As mentioned in the previous post too ' A deeper downmove can be expected on a consecutive close below 7895 ' .  Till Nifty does not give a consecutive close above 8398 this month we can expect all upmoves to get sold into  . Have been mentioning since the beginning of December that 'IF we get a consecutive close below 8051 this month then we can expect the downmove  to continue till 7900' today Nifty broke and sustained below 8051 and made a low of 7964.95 before closing at 7979.10 .  Today Nifty broke its trading range of 8050 - 8300 with which it was moving since the past 15 sessions . For this week Nifty spot needs to break and sustain above 8205 then we can expect a move till 8245 - 8270 initially and closing above 8290 we can expect the next move till 8345 - 8410.  Similarly this week Nifty spot needs to break and sustain below 8075 then we can expect a till 8035 - 8010 initially and closing below 7990 we can expect a move till 7935 - 7870.  

For the month of December we can expect uptrend in Nifty spot on a consecutive closing above 8398 and downtrend on a consecutive closing below 8051 .

For today if Nifty spot sustains above 7994 we can see a initial move on the upside upto 8009 & on sustaining above 8013 we may see further upmove till 8040. Similarly if Nifty spot sustains below 7965 we may see a initial move on the downside upto 7949 & on sustaining below 7945 we may see a further downmove till 7918

Nifty Spot Levels for the day are

Long above 7994 for 8003 - 8013 - 8040 , SL 7975

Short below 7965 for 7956 - 7945 - 7918 , SL 7984

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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.

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