Wednesday, 11 January 2017

Nifty Spot Outlook for 12th January

NIFTY


Nifty spot  opened  at 8327.80 and made a low of 8322.25 , went up till 8389 before closing at 8380.65. Had mentioned that long positions can be taken above 8305 and short positions can be taken  below 8273 for the day .  Nifty triggered our long trade and completed all our daily targets and also 4 targets as per weekly levels after closing above our weekly long trigger levels yesterday The long trade gave us nearly 100 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 today we saw Nifty open near this level and break above it and go up by nearly 60 points and also closed about it .  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. Now Nifty needs to give a consecutive closing above this level for further upmove. We can expect resistance tomorrow near 8416 - 8433 range .

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 8398 we can see a initial move on the upside upto 8416 & on sustaining above 8421 we may see further upmove till 8453 . Similarly if Nifty spot sustains below 8363 we may see a initial move on the downside upto 8345 & on sustaining below 8341 we may see a further downmove till 8308


Nifty Spot Levels for the day are

Long above 8398 for 8408 - 8421 - 8453 , SL 8375

Short below 8363 for 8353 - 8341 - 8308 , SL 8386

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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.