Sunday, 22 January 2017

Nifty Spot Outlook for 23rd January

NIFTY


Nifty spot  opened  at 8404.35 and made a high of 8423.65 , went down till 8340.95 before closing at 8349.35 . Had not posted the daily outlook for the past 2 days due to network connectivity issues .   Those who would have read the previous weekly post would have realised that Nifty had been trading last week between 8359 - 8442 which was 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 gave 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 after Nifty has managed to sustain above our monthly long trigger of 8329 , those who are looking to go long in this correction near the support levels of 8274 - 8254 should keep a strict cbsl of 8230 . 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 . Also had mentioned in the posts for the previous week ' 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. Finally on Friday Nifty corrected till below 8350 after it was not able to close above 8467 - 8485 range the entire week and closed borderline near 8350 . Now for this week Nifty Spot needs to break and sustain above 8396, then we can expect a move till 8424 - 8445 initially and closing above 8457 we can expect the next move till 8499 - 8546 . Similarly this week Nifty spot needs to break and sustain below 8303 then we can expect a move till 8274 - 8254 initially and closing below 8242 we can expect a further move till 8199 - 8153 .

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 8367 we can see a initial move on the upside upto 8385 & on sustaining above 8390 we may see further upmove till 8424 . Similarly if Nifty spot sustains below 8332 we may see a initial move on the downside upto 8313 & on sustaining below 8309 we may see a further downmove till 8275


Nifty Spot Levels for the day are

Long above 8367 for 8378 - 8390 - 8424 , SL 8344

Short below 8332 for 8321 - 8309 - 8275 , SL 8355

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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.