Thursday, 5 January 2017

Nifty Spot Outlook for 06th January


Nifty spot  opened  at 8226.65 and made a low of 8223.70 , went up till 8282.65 before closing at 8273.80 . Had mentioned that long positions can be taken above 8212 and short positions can be taken  below 8169 for the day .  Nifty triggered our long trade and completed all targets for the day giving around 50 points . Nifty today finally broke and closed above 8255 which was is the confirmation level for weekly longs . We were expecting a break of the range of 8117 - 8255 and we saw it happen on the upside . But Bank Nifty is still lagging behind and it also needs to break and sustain above its level given for Nifty to be able to sustain .   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 8255 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. Today we have got a close above 8255 and holding the same we should see a move till 8297 - 8327 . Those who are holding longs should keep a cbsl of 8228 for their positions .

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 8297 we can see a initial move on the upside upto 8321 & on sustaining above 8329 we may see further upmove till 8372. Similarly if Nifty spot sustains below 8251 we may see a initial move on the downside upto 8226 & on sustaining below 8220 we may see a further downmove till 8176

Nifty Spot Levels for the day are

Long above 8297 for 8311 - 8329 - 8372 , SL 8267

Short below 8251 for 8236 - 8220 - 8176 , SL 8281

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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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