Sunday, 16 December 2018

Nifty Spot Outlook for 17th Dec

NIFTY


In the previous session Nifty spot opened at 10784.50, made a high of 10815.75 ,  made a low of 10752.10,  before closing at 10805.45

Had mentioned that long trade will get triggered for the day on sustaining above 10840 and short trade will get triggered for the day on sustaining below 10745. Nifty traded between our long and short trigger the entire session indicating indecisiveness. 

For this week Nifty needs to break and sustain / close above 10930 to test 11065 - 11095 initially and above it we can see a test of 11210 - 11335 . Similarly Nifty needs to break and sustain / close below 10680 to test 10550 - 10515 initially and below it we can see a test of 10400 - 10280. 

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 . ", and Nifty had confirmed our monthly shorts and made a low of 10333.85 testing our next target zone of 10340 - 10170 and had mentioned that shorts should be booked near 10340 range and Nifty bounced back too holding the same.  Now Nifty has approached 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 10855 to test 10905 - 10915 initially and sustaining above it we can see a further upmove till 10960 - 11005. Similarly breaking and sustaining below 10755 we can see a test of 10710 - 10695 initially and breaking and sustaining below it we can see a further correction till 10655 - 10605 .


Nifty Spot Levels for the day are

Long above 10855 for 10880 - 10915 - 11005 , SL 10820

Short below 10755 for 10730 - 10695 - 10605 , SL 10790

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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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