Tuesday, 17 January 2017

Nifty Spot Outlook for 18th January

NIFTY


Nifty spot  opened  at 8415.05 and made a high of 8440.90 , went down till 8378.30 before closing at 8398 . Had mentioned that long positions can be taken above 8428 and short positions can be taken  below 8397 for the day .  Nifty initially triggered our long  trade and completed just 1 target and took resistance just below our weekly long confirmation level of 8442 . It then triggered our short trade and completed nearly 2 targets before closing just below 8400  .Those who would have read the weekly post would have realised that Nifty has so far been trading this week between 8359 - 8442 which is the short and long confirmation levels for the week .   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 ' . Now Nifty has managed to sustain above our monthly long trigger of 8329 and those who are buying on dips should keep 8329 as their cbsl . 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 thrice indicating that it may correct .Today Nifty broke out of this range but again failed to sustain . 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. Nifty needs to break the range of 8359 - 8442 for a bigger move this week. 

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 8414 we can see a initial move on the upside upto 8431 & on sustaining above 8435 we may see further upmove till 8466 . Similarly if Nifty spot sustains below 8382 we may see a initial move on the downside upto 8365 & on sustaining below 8361 we may see a further downmove till 8330


Nifty Spot Levels for the day are

Long above 8414 for 8424 - 8435 - 8466 , SL 8393

Short below 8382 for 8372 - 8361 - 8330 , SL 8403

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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.