Nifty Spot Outlook for 25th January

NIFTY

Nifty spot  opened  at 8407.05 and made a low of 8398.15 , went up till 8480.95 before closing at 8475.80 . Had mentioned that long positions can be taken above 8409 and short positions can be taken below 8374 for the day .  

Nifty triggered our intraday long trade and completed all our targets for the day . Nifty had also confirmed our weekly long trade and completed 6 targets and also closed above 8457 indicating it might go for the last 2 long targets for the week .   

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' and we saw Nifty hold 8325 in the previous session and bounce back strongly after making a low of 8327.20. Have been mentioning since November that ' A deeper downmove can be expected on a consecutive close below 7895 ' and we had seen Nifty make a low of 7893.80 in the last week of December.  Nifty has managed to sustain above our monthly long trigger of 8329 after breaking above it . 

Had been mentioning  in  the previous posts '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 now Nifty has broken and closed well above the range today .

Also as mentioned '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' and today Nifty closed well above 8457 . 

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 8493 we can see a initial move on the upside till 8510 & on sustaining above 8515 we may see further move till 8547 . Similarly if Nifty spot sustains below 8459 we may see a initial move on the downside till 8441 & on sustaining below 8437 we may see a further move till 8405

Nifty Spot Levels for the day are

Long above 8493 for 8503 - 8515 - 8547 , SL 8471

Short below 8459 for 8449 - 8437 - 8405 , SL 8481

Tomorrow is the expiry for January series in F&O and the expected expiry range is

Upper End - 8544 

Lower End - 8408

If you want to see the post in your Inbox , kindly register by adding your email id in  the 'Subscribe to my posts' section on the top right side of the blog. Also please give your valuable feedback by selecting the appropriate box at the bottom of the post.

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.