Tuesday, 31 January 2017

Nifty Spot Outlook for 01st February


Nifty spot  opened  at 8629.45 and made a high of 8631.75 , went down till 8552.40 before closing at 8561.30 . Had mentioned that long positions can be taken above 8655 and short positions can be taken below 8610 for the day .  

Nifty triggered our intraday short trade and missed completing our last target by 14 points . Nifty also triggered our weekly shorts and missed our 3rd target by 5 points and closed confirming weekly shorts . 

Had mentioned in the previous posts 'Nifty has given a second consecutive close above 8600 and if it manages to break and sustain above 8663 then we may see some resistance near 8692 - 8699 levels ' and Nifty made a high of 8662.60 failing to break and sustain above 8663 for a upmove to begin . Have been mentioning since November that ' A deeper downmove can be expected on a consecutive close below 7895 ' and we had seen Nifty make a low of 7893.80 in the last week of December.  Those who are holding longs or intending to go long on a correction should keep a strict cbsl of 8503 for their positions.

Now for this week Nifty Spot needs to break and sustain above 8699 for long confirmationthen we can expect a move till 8735 - 8761 initially and closing above 8776 we can expect the next move till 8829 - 8887 . Similarly this week Nifty spot needs to break and sustain below 8583 then we can expect a move till 8547 - 8522 initially and closing below 8506 we can expect a further move till 8454 - 8396' .

For the month of February we can expect uptrend in Nifty spot on a consecutive closing above 8696 and downtrend on a consecutive closing below 8427 . In January we had given 8329 closing as the long confirmation level for Nifty and we saw a move of 340+ points after Nifty had closed above the monthly long confirmation level .

For today if Nifty spot sustains above 8586 we can see a initial move on the upside till 8612 & on sustaining above 8618 we may see further move till 8665 . Similarly if Nifty spot sustains below 8537 we may see a initial move on the downside till 8511 & on sustaining below 8503 we may see a further move till 8457 . We have our Union Budget too today which is a big event and we can expect good volatility and it is always advisable to wait for the event to get over to enter trades .

Nifty Spot Levels for the day are

Long above 8586 for 8601 - 8618 - 8665 , SL 8554

Short below 8537 for 8522 - 8503 - 8457 , SL 8569

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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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