Thursday, 12 January 2017

Nifty Spot Outlook for 13th January

NIFTY


Nifty spot  opened  at 8391.05 and made a low of 8382.30 , went up till 8417.20 before closing at 8407.20. Had mentioned that long positions can be taken above 8398 and short positions can be taken  below 8363 for the day .  Nifty triggered our long trade and missed our 2nd target by 4 points . After today's high in Nifty now only our last weekly long target of 8463 is pending . Had mentioned in the previous post ' We can expect resistance tomorrow near 8416 - 8433 range ' and today we saw a high of 8417.20 . Had been mentioning since 15th November ' Those who are holding positional longs from near 8000 - 8050 or those who are looking to enter on a further correction should keep a strict cbsl of 7895 ' and we had seen this level being tested in the last week of December and Nifty held onto this level and has now given a 500 points upmove within 13 trading sessions . Also have been mentioning since then that ' A deeper downmove can be expected on a consecutive close below 7895 ' . 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' . Now inspite of the fact that Nifty closed above the monthly long confirmation level of 8329 we are at a stiff resistance zone of 8417 - 8433 and we need to watch if Nifty can break and sustain or close above this range for a further upmove , because IF Nifty is unable to do so then we can expect a correction till 8295 - 8270.  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 8423 we can see a initial move on the upside upto 8439 & on sustaining above 8444 we may see further upmove till 8473 . Similarly if Nifty spot sustains below 8392 we may see a initial move on the downside upto 8375 & on sustaining below 8371 we may see a further downmove till 8341


Nifty Spot Levels for the day are

Long above 8423 for 8433 - 8444 - 8473 , SL 8402

Short below 8392 for 8382 - 8371 - 8341 , SL 8412

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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.