Monday, 15 January 2018

Nifty Spot Outlook for 16th Jan


Nifty spot opened at 10718.50 , made a low of 10713.80,  it made a high of 10782.65,  before closing at 10741.55

Had mentioned that long positions for the day can be taken above 10690 and short positions can be taken below 10670 .  Nifty triggered our long short trade and opened near our last long target for the day . Nifty also confirmed our weekly long trade and nearly completed all our weekly long targets . 

Had mentioned in the previous post " Nifty has now given a consecutive close above 10615 and confirmed monthly longs for a initial test of 10700 - 10720 . Though Nifty has given a consecutive close its also important for Bank Nifty to sustain and give a close above its monthly long levels else Nifty might not be able to sustain above the confirmation levels just like it was not able to sustain below its short levels . So in the coming sessions we need Bank Nifty to sustain above 25760 levels for the next move upwards .Sustaining / closing above 10720 can see a test of 10795 - 10875 ." , and today Nifty made a high of 10782.65 and Bank Nifty also supported by sustaining well above 25760 . 

Nifty has been making a new high everyday for the past 4 sessions . Nifty now has resistance near 10820 - 10860 zone and it needs to sustain / close above 10825 in the coming sessions for a further move on the upside . Those who have taken short positions today and are looking to add shorts in the upmove tomorrow should keep a strict cbsl of 10825 for their positions . 

Now in the coming session Nifty needs to break and sustain below 10732 to test 10722 - 10720 initially and sustaining below it we can see a further correction till 10710 - 10700. Similarly breaking and sustaining above 10750 we can see a test of 10760 - 10765 initially and breaking / sustaining above it we can see a further move till 10775 - 10785 .

Nifty Spot Levels for the day are

Long above 10750 for 10760 - 10765 - 10785 , SL 10738

Short below 10732 for 10725 - 10720 - 10700 , SL 10745

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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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