Monday, 16 January 2017

Nifty Spot Outlook for 17th January

NIFTY


Nifty spot  opened  at 8390.95 and made a low of 8374.40 , went up till 8426.70 before closing at 8412.80. Had mentioned that long positions can be taken above 8416 and short positions can be taken  below 8385 for the day .  Nifty initially triggered our short trade and completed just target and took our TSL . It then went up and triggered our long trade and completed just 1 target . Those who would have read the weekly post would have realised that Nifty traded the entire day between our weekly short trigger level of 8375 and weekly long trigger level of 8426 indicating some indecisiveness.  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 550 points upmove within 14 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' . Had mentioned in  the previous post '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.' and so far Nifty has not been above to close above this range inspite of breaking above it twice indicating that it may correct .Today again Nifty took resistance in this range of 8417 - 8433 . Tomorrow we should see a break of today's trading range of 8375 - 8426.  For this week Nifty spot needs to break and sustain above 8442 then we can expect a move till 8467 - 8485 initially and closing above 8496 we can expect the next move till 8534 - 8575 .  Similarly this week Nifty spot needs to break and sustain below 8359 then we can expect a move till 8334 - 8315 initially and closing below 8304 we can expect a move till 8267 - 8225. 

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 8428 we can see a initial move on the upside upto 8445 & on sustaining above 8449 we may see further upmove till 8479 . Similarly if Nifty spot sustains below 8397 we may see a initial move on the downside upto 8381 & on sustaining below 8376 we may see a further downmove till 8347


Nifty Spot Levels for the day are

Long above 8428 for 8438 - 8449 - 8479 , SL 8408

Short below 8397 for 8387 - 8376 - 8347 , SL 8418

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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.