Nifty Spot Outlook for 02nd Jan

NIFTY

In the previous session Nifty spot opened at 10881.70 made a low of 10807.10 ,  made a high of 10923.60  before closing at 10910.10

Had mentioned that long trade will get triggered for the day on sustaining above 10895 and short trade will get triggered for the day on sustaining below 10830. Nifty initially triggered our short trade for the day and did just 1 target. It took support near our weekly short level of 10805 and bounced back strongly. Nifty then triggered our long trade for the day and again did just 1 target.

As mentioned " For this week Nifty needs to break and sustain / close above 10950 to test 11045 - 11070 initially and above it we can see a test of 11150 - 11240 . Similarly Nifty needs to break and sustain / close below 10770 to test 10675 - 10650 initially and below it we can see a test of 10570 - 10480." , Nifty needs to break and sustain above 10950 - 10970 for the upmove to break above 11000 in the coming sessions . 

For the month of January , longs in Nifty will get confirmed with a consecutive close above 10960 for a initial target of 11145 - 11195 and sustaining / closing above it we can see a further test of 11355 - 11530 . Similarly , shorts will get confirmed with a consecutive close below  10600 for a initial target of 10415 - 10370 and sustaining / closing below it we can see a further move till 10205 - 10030 . 

Now in the coming session Nifty needs to break and sustain above 10945 to test 10980 - 10990 initially and sustaining above it we can see a further upmove till 11015 - 11050. Similarly breaking and sustaining below 10875 we can see a test of 10845 - 10835 initially and breaking and sustaining below it we can see a further correction till 10805 - 10770 . 

Nifty Spot Levels for the day are

Long above 10945 for 10965 - 10990 - 11050 , SL 10920

Short below 10875 for 10855 - 10835 - 10770 , SL 10900

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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.