Nifty Spot Outlook for 08th Jan

NIFTY

In the previous session Nifty spot opened at 10804.85 made a high of 10835.95 ,  made a low of 10750.15  before closing at 10776.60

Had mentioned that long trade will get triggered for the day on sustaining above 10760 and short trade will get triggered for the day on sustaining below 10695. Nifty triggered our long trade for the day with a big gap up and did not give a chance to trade. 

For this week Nifty needs to break and sustain / close above 10805 to test 10890 - 10910 initially and above it we can see a test of 10985 - 11060 . Similarly Nifty needs to break and sustain / close below 10650 to test 10565 - 10545 initially and below it we can see a test of 10475 - 10395. 

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 10805 to test 10835 - 10840 initially and sustaining above it we can see a further upmove till 10865 - 10895. Similarly breaking and sustaining below 10745 we can see a test of 10720 - 10710 initially and breaking and sustaining below it we can see a further correction till 10685 - 10660. 

Nifty Spot Levels for the day are

Long above 10805 for 10820 - 10840 - 10895 , SL 10785

Short below 10745 for 10730 - 10710 - 10660 , 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.