Monday, 23 January 2017

Nifty Spot Outlook for 24th January

NIFTY


Nifty spot  opened  at 8329.60 and made a low of 8327.20 , went up till 8404.15 before closing at 8391.50 . Had mentioned that long positions can be taken above 8367 and short positions can be taken below 8332 for the day .  Nifty triggered our intraday short trade at opening but did not sustain .  Had mentioned in the weekly post of Nifty that ' Once Nifty breaks below 8325 we can see the support levels of 8274 - 8254 being tested' . It then triggered our long trade and completed 2 targets.  Have been mentioning since November that ' A deeper downmove can be expected on a consecutive close below 7895 ' . Nifty has managed to sustain above our monthly long trigger of 8329 and 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 . 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 . Today Nifty broke above 8396 but could not manage to close above it . 

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 8409 we can see a initial move on the upside upto 8427 & on sustaining above 8432 we may see further upmove till 8465 . Similarly if Nifty spot sustains below 8374 we may see a initial move on the downside upto 8356 & on sustaining below 8351 we may see a further downmove till 8318


Nifty Spot Levels for the day are

Long above 8409 for 8419 - 8432 - 8465 , SL 8386

Short below 8374 for 8364 - 8351 - 8318 , SL 8397

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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.