Thursday, 27 December 2018

Nifty Spot Outlook for 28th Dec

NIFTY


In the previous session Nifty spot opened at 10817.90 made a high of 10834.20 ,  made a low of 10764.45  before closing at 10779.80

Had mentioned that long trade will get triggered for the day on sustaining above 10765 and short trade will get triggered for the day on sustaining below 10695. Nifty triggered our long trade with a gap up and did 70 points. 

As mentioned " For this week Nifty needs to break and sustain / close above 10855 to test 10955 - 10980 initially and above it we can see a test of 11070 - 11170 . Similarly Nifty needs to break and sustain / close below 10655 to test 10555 - 10525 initially and below it we can see a test of 10440 - 10340. " , and this week Nifty sustained below 10655 and completed our initial targets of 10555 - 10525 with a low of 10534.55 and bounced back sharply by 300 points . Nifty has to break and sustain above 10855 for a further upmove in the coming session.

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 600 points holding the same.  Also had mentioned "Now Nifty has closed above its resistance zone of 10785 - 10875 again and we can see a move towards 11000 this month." , and Nifty has made a high of 10985.15 nearly completing our target. 

Also as mentioned " Now in the last week Nifty needs to hold above 10710 else we can see a test of 10535 - 10490 on sustaining / closing below it as the global markets continue their weakness ." , and Nifty made a low of 10534.55 completing our expected target below 10710 and bounced back sharply above 10710 . Nifty now has to break and sustain above 10855 for a further upmove till 10915 - 10955 where it has next resistance.

Now in the coming session Nifty needs to break and sustain above 10815 to test 10845 - 10855 initially and sustaining above it we can see a further upmove till 10885 - 10915. Similarly breaking and sustaining below 10745 we can see a test of 10715 - 10705 initially and breaking and sustaining below it we can see a further correction till 10675 - 10645 .


Nifty Spot Levels for the day are

Long above 10815 for 10835 - 10855 - 10915 , SL 10790

Short below 10745 for 10725 - 10705 - 10645 , SL 10770

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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.