Nifty Spot Outlook for 11th January

NIFTY

Nifty spot  opened  at 8262.70 and made a low of 8261 , went up till 8293.80 before closing at 8288.60. Had mentioned that long positions can be taken above 8252 and short positions can be taken  below 8220 for the day .  Nifty triggered our long trade and missed our last target by 10 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 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 . Nifty came very close to breaking above 8295 which is the weekly long confirmation level and has also closed near it . Breaking and sustaining above it can see a test of our monthly long confirmation level too of 8329 .

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 8305 we can see a initial move on the upside upto 8321 & on sustaining above 8329 we may see further upmove till 8356 . Similarly if Nifty spot sustains below 8273 we may see a initial move on the downside upto 8256 & on sustaining below 8252 we may see a further downmove till 8221

Nifty Spot Levels for the day are

Long above 8305 for 8314 - 8329 - 8356 , SL 8284

Short below 8273 for 8263 - 8252 - 8221 , SL 8294

If you want to see the post in your Inbox , kindly register by adding your email id in  the 'Subscribe to my posts' section on the top right side of the blog. Also please give your valuable feedback by selecting the appropriate box at the bottom of the post.

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.