Thursday, 31 January 2019

Nifty Spot Outlook for 01st Feb

NIFTY


In the previous session Nifty spot opened at 10690.55 and made a low of 10678.55 ,  it made a high of 10838.05  before closing at 10830.95

Had mentioned that long trade will get triggered for the day on sustaining above 10675 and short trade will get triggered for the day on sustaining below 10630. Nifty initially triggered our long trade and did 200 points . Had mentioned that Nifty needs to sustain above 10760 for a higher expiry and we saw a further 75+ points move once it sustained above it . 

Had mentioned " For this week Nifty needs to break and sustain / close above 10850 to test 10920 - 10940 initially and above it we can see a test of 11000 - 11065 . Similarly Nifty needs to break and sustain / close below 10715 to test 10645 - 10625 initially and below it we can see a test of 10565 - 10495." , and Nifty had triggered our weekly shorts and nearly tested our next targets of 10565 - 10495 with a low of 10583.65 where exit was mentioned. 

Now Nifty needs to sustain above 10850 in the coming session for a move towards 10920 - 10940 and above it towards 11000 - 11065 .

For the month of February , longs in Nifty will get confirmed with a consecutive close above 11010 for a initial target of 11195 - 11245 and sustaining / closing above it we can see a further test of 11405 - 11580 . Similarly , shorts will get confirmed with a consecutive close below  10655 for a initial target of 10465 - 10420 and sustaining / closing below it we can see a further move till 10260 - 10080 . 

Now in the coming session Nifty needs to break and sustain above 10865 to test 10895 - 10905 initially and sustaining above it we can see a further upmove till 10935 - 10970. Similarly breaking and sustaining below 10800 we can see a test of 10765 - 10755 initially and breaking and sustaining below it we can see a further correction till 10725 - 10695. We have our interim budget and hence we can expect a volatile session and can see the trading range getting extended beyond 10695 - 10970 .



Nifty Spot Levels for the day are

Long above 10865 for 10885 - 10905 - 10970 , SL 10840

Short below 10800 for 10780 - 10755 - 10695 , SL 10825


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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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