Sunday, 8 January 2017

Nifty Spot Outlook for 09th January


Nifty spot  opened  at 8281.85 and made a high of 8306.85, went down till 8233.25 before closing at 8243.80 . Had mentioned that long positions can be taken above 8297 and short positions can be taken  below 8251 for the day .  Nifty triggered our long trade but did not complete any target and took our SL . It then triggered our short trade and completed just 1 target . Nifty also failed to give a consecutive close above 8255 where our long trade would have been confirmed .  We were expecting a break of the range of 8117 - 8255 and we saw it happen on the upside but it could not sustain on consecutive closing. Bank Nifty was stronger and is getting aligned to Nifty .  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 last week of December  Nifty had managed to hold it on closing .  Have been mentioning since the beginning of this month 'Till Nifty does not give a consecutive close above 8329 this month we can expect all upmoves to get sold into'  and we are now nearing this level . For this week Nifty spot needs to break and sustain above 8295 then we can expect a move till 8327 - 8350 initially and closing above 8364 we can expect the next move till 8411 - 8463.  Similarly this week Nifty spot needs to break and sustain below 8192 then we can expect a move till 8160 - 8138 initially and closing below 8124 we can expect a move till 8077 - 8025. 

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 8263 we can see a initial move on the upside upto 8284 & on sustaining above 8289 we may see further upmove till 8326 . Similarly if Nifty spot sustains below 8224 we may see a initial move on the downside upto 8204 & on sustaining below 8198 we may see a further downmove till 8161

Nifty Spot Levels for the day are

Long above 8263 for 8275 - 8289 - 8326 , SL 8238

Short below 8224 for 8212 - 8198 - 8161 , SL 8250

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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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