Wednesday, 12 December 2018

Nifty Spot Outlook for 13th Dec

NIFTY


In the previous session Nifty spot opened at 10591, made a low of 10560.80 ,  made a high of 10752.20,  before closing at 10737.60

Had mentioned that long trade will get triggered for the day on sustaining above 10590 and short trade will get triggered for the day on sustaining below 10505. Nifty triggered our long  and did 125 points .  

Had mentioned " For this week Nifty needs to break and sustain / close above 10785 to test 10880 - 10905 initially and above it we can see a test of 10985 - 11075 . Similarly Nifty needs to break and sustain / close below 10605 to test 10510 - 10485 initially and below it we can see a test of 10405 - 10315. Those who did not book near 10510 - 10485 as mentioned and are still holding shorts should trail their stoploss to 10570 and look to book on a gap down near 10405 - 10360 ." , and Nifty made a low of 10333.85 completing all our weekly short targets in the previous session and gave a good exit to shorts as per levels. Had mentioned that shorts were to be closed on the gap down and those who went long post that have seen a 400 points upmove till today.

As mentioned " For the month of December , longs in Nifty will get confirmed with a consecutive close above 11045 for a initial target of 11220 - 11265 and sustaining / closing above it we can see a further test of 11415 - 11585 . Similarly , shorts will get confirmed with a consecutive close below  10710 for a initial target of 10535 - 10490 and sustaining / closing below it we can see a further move till 10340 - 10170 . Now in the coming session Nifty needs to sustain below 10490 to test 10340 - 10170 levels. Traders should be cautious as we have the election results outcome too tomorrow . Incase of a gap down shorts can be booked once if it comes near 10340 levels. ", and Nifty had confirmed our monthly shorts on Friday and today made a low of 10333.85 testing our next target zone of 10340 - 10170 and bounced back . Those who booked shorts near 10340 and went long saw a good bounce back of 400+ points . Now Nifty will be approaching its resistance zone of 10785 - 10875 again and a close above this zone is required to move towards 11000 and above this month.

Now in the coming session Nifty needs to break and sustain above 10785 to test 10835 - 10845 initially and sustaining above it we can see a further upmove till 10890 - 10935. Similarly breaking and sustaining below 10690 we can see a test of 10640 - 10630 initially and breaking and sustaining below it we can see a further correction till 10590 - 10540 .


Nifty Spot Levels for the day are

Long above 10785 for 10815 - 10845 - 10935 , SL 10750

Short below 10690 for 10665 - 10630 - 10540 , SL 10725

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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.