Monday, 30 January 2017

Nifty Spot Outlook for 31st January

NIFTY


Nifty spot  opened  at 8635.55 and made a high of 8662.60 , went down till 8617.75 before closing at 8632.75 . Had mentioned that long positions can be taken above 8663 and short positions can be taken below 8619 for the day .  

Nifty tested our intraday short trade by breaking 1 point below it  but could not sustain and traded the entire day between our long and short trigger levels of 8619 - 8663 indicating indecisiveness  .

Had mentioned in the previous post 'Nifty has given a second consecutive close above 8600 and if it manages to break and sustain above 8663 then we may see some resistance near 8692 - 8699 levels ' and Nifty made a high of 8662.60 failing to break and sustain above 8663 for a upmove to begin . 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.  Those who are holding longs or intending to go long on a correction should keep a strict cbsl of 8486 for their positions.


Now for this week Nifty Spot needs to break and sustain above 8699 for long confirmationthen we can expect a move till 8735 - 8761 initially and closing above 8776 we can expect the next move till 8829 - 8887 . Similarly this week Nifty spot needs to break and sustain below 8583 then we can expect a move till 8547 - 8522 initially and closing below 8506 we can expect a further move till 8454 - 8396' .

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 . Nifty has given a move of 340+ points after closing above the monthly long confirmation level till now.

For today if Nifty spot sustains above 8655 we can see a initial move on the upside till 8679 & on sustaining above 8685 we may see further move till 8727 . Similarly if Nifty spot sustains below 8610 we may see a initial move on the downside till 8587 & on sustaining below 8581 we may see a further move till 8538


Nifty Spot Levels for the day are

Long above 8655 for 8669 - 8685 - 8727 , SL 8626

Short below 8610 for 8597 - 8581 - 8538 , SL 8640

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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.