Thursday, 26 January 2017

Nifty Spot Outlook for 27th January

NIFTY


Nifty spot  opened  at 8499.45 and made a low of 8493.95 , went up till 8612.60 before closing at 8602.75 . Had mentioned that long positions can be taken above 8493 and short positions can be taken below 8459 for the day .  

Nifty triggered our intraday long trade and completed all our long targets for the day and exceeded it by 60+ points  . Nifty had also completed all our weekly long targets and exceeded it too . Had mentioned in the previous post that Nifty had 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 this week and bounce back strongly after making a low of 8327.20 and has now made a high of 8612.60 and also closed above 8600 . 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.  

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 Nifty had broken and closes well above the range in the previous session and we saw good followup move . 

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 . We have now completed all our weekly targets and have closed more than 50 points above our last target .

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 8625 we can see a initial move on the upside till 8648 & on sustaining above 8654 we may see further move till 8696 . Similarly if Nifty spot sustains below 8581 we may see a initial move on the downside till 8557 & on sustaining below 8551 we may see a further move till 8509


Nifty Spot Levels for the day are

Long above 8625 for 8639 - 8654 - 8696 , SL 8596

Short below 8581 for 8567 - 8551 - 8509 , SL 8610

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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.