Monday, 2 January 2017

Nifty Spot Outlook for 02nd January


Nifty spot  opened  at 8119.65 and made a low of 8114.75 , went up till 8197 before closing at 8185.80 . Had mentioned that long positions can be taken above 8128 and short positions can be taken  below 8079 for the day .  Nifty triggered our long trade and nearly completed all 3 targets giving around 50+ points .  As have been mentioning ' A deeper downmove can be expected on a consecutive close below 7895 ' and we had seen this level being tested in the previous week but Nifty had managed to hold it on closing .  Till Nifty does not give a consecutive close above 8329 this month we can expect all upmoves to get sold into  . For this week Nifty spot needs to break and sustain above 8253 then we can expect a move till 8297 - 8327 initially and closing above 8346 we can expect the next move till 8408 - 8477.  Similarly this week Nifty spot needs to break and sustain below 8117 then we can expect a move till 8074 - 8044 initially and closing below 8026 we can expect a move till 7963 - 7894. 

For the month of January we can expect uptrend in Nifty spot on a consecutive closing above 8329 and downtrend on a consecutive closing below 8043 .

For today if Nifty spot sustains above 8212 we can see a initial move on the upside upto 8239 & on sustaining above 8246 we may see further upmove till 8296. Similarly if Nifty spot sustains below 8160 we may see a initial move on the downside upto 8132 & on sustaining below 8125 we may see a further downmove till 8076

Nifty Spot Levels for the day are

Long above 8212 for 8228 - 8246 - 8296 , SL 8178

Short below 8160 for 8144 - 8125 - 8076 , SL 8194

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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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