Monday, 9 January 2017

Nifty Spot Outlook for 10th January


Nifty spot  opened  at 8259.35 and made a high of 8263 , went down till 8227.75 before closing at 8236.05  . Had mentioned that long positions can be taken above 8263 and short positions can be taken  below 8224 for the day .  The entire day Nifty traded between 8224 - 8263 which were our short and long trade levels without triggering a trade on either side. Bank Nifty was stronger again today . 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. We can expect a break of 8295 or 8192 in the next 2 days after the consolidation moves today .

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 8252 we can see a initial move on the upside upto 8268 & on sustaining above 8273 we may see further upmove till 8303 . Similarly if Nifty spot sustains below 8220 we may see a initial move on the downside upto 8204 & on sustaining below 8199 we may see a further downmove till 8169

Nifty Spot Levels for the day are

Long above 8252 for 8262 - 8273 - 8303 , SL 8231

Short below 8220 for 8211 - 8199 - 8169 , SL 8241

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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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