Thursday, 2 February 2017

Nifty Spot Outlook for 03rd February


Nifty spot  opened  at 8724.75 and made a low of 8685.80 , went up till 8757.60 before closing at 8734.25 . Had mentioned that long positions can be taken above 8746 and short positions can be taken below 8686 for the day .  

Nifty touched our short trigger for the day and reversed to go up and trigger our long trade for the day but could not complete any target . Nifty had confirmed our weekly long trade in the previous session and today completed our initial 3rd target at 8735 . It is now near its weekly resistance level of 8761 - 8776 and breaking and sustaining above it we can see it move up further towards the next targets of 8829 - 8887. IF Nifty takes resistance here then we can expect a correction till 8650 - 8600 levels .  

Had mentioned in the previous posts '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 now holding these levels Nifty has made a high of 8757 today. 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.  Also had mentioned in the previous posts ' Those who are holding longs or intending to go long on a correction should keep a strict cbsl of 8563 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' .  Nifty holding 8699 today made a high of 8757.60 .

For the month of February we can expect uptrend in Nifty spot on a consecutive closing above 8696 and downtrend on a consecutive closing below 8427 . In January we had given 8329 closing as the long confirmation level for Nifty and we saw a move of 340+ points after Nifty had closed above the monthly long confirmation level . Though today we have got a consecutive close above our monthly long confirmation level we now need to see if Nifty sustains above 8776 to test the next resistance zone near 8839 - 8875 . We may see some correction if Nifty is unable to break above 8776 or from near 8839 - 8875 levels .

For today if Nifty spot sustains above 8764 we can see a initial move on the upside till 8796 & on sustaining above 8804 we may see further move till 8862 . Similarly if Nifty spot sustains below 8704 we may see a initial move on the downside till 8672 & on sustaining below 8664 we may see a further move till 8607 . 

Nifty Spot Levels for the day are

Long above 8764 for 8783 - 8804 - 8862 , SL 8725

Short below 8704 for 8686 - 8664 - 8607 , SL 8744

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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.

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