Tuesday, 16 January 2018

Nifty Spot Outlook for 17th Jan


Nifty spot opened at 10761.50 , made a high of 10762.35,  it made a low of 10687.85,  before closing at 10700.45

Had mentioned that long positions for the day can be taken above 10750 and short positions can be taken below 10732 . Nifty opened near our 1st long target for the day and could not sustain . Nifty then triggered our short trade and completed all our short targets for the day . Nifty had confirmed our weekly long trade in the previous sessions and nearly completed all our weekly long targets . 

As mentioned in the previous post " 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 .", and today Nifty  made a low of 10687.85 . 

Now in the coming session Nifty needs to break and sustain below 10685 to test 10675 - 10670 initially and sustaining below it we can see a further correction till 10660 - 10645. Similarly breaking and sustaining above 10715 we can see a test of 10725 - 10730 initially and breaking / sustaining above it we can see a further move till 10745 - 10755 .

Nifty Spot Levels for the day are

Long above 10715 for 10720 - 10730 - 10755 , SL 10695

Short below 10685 for 10680 - 10670 - 10645 , SL 10705

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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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