Wednesday, 16 January 2019

Nifty Spot Outlook for 17th Jan

NIFTY


In the previous session Nifty spot opened at 10899.65 and made a high of 10928.15 ,  then made a low of 10876.90  before closing at 10890.30

Had mentioned that long trade will get triggered for the day on sustaining above 10915 and short trade will get triggered for the day on sustaining below 10855. Nifty triggered our long trade for the day but did not sustain and took our stoploss.  

As mentioned " For this week Nifty needs to break and sustain / close above 10865 to test 10935 - 10955 initially and above it we can see a test of 11015 - 11085 . Similarly Nifty needs to break and sustain / close below 10725 to test 10655 - 10635 initially and below it we can see a test of 10575 - 10505. " , and Nifty had triggered our weekly long trade in the previous session and today we saw a high of 10928.15 near our initial targets of 10935 - 10955 . Nifty gave a borderline close above our TSL of 10885 . 

Now in the coming session Nifty has to sustain above 10955 to test 11015 - 11085 and breaking and sustaining / closing below 10815 we can see a move towards our weekly short trigger. 

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 10915 to test 10935 - 10945 initially and sustaining above it we can see a further upmove till 10965 - 10985. Similarly breaking and sustaining below 10865 we can see a test of 10845 - 10840 initially and breaking and sustaining below it we can see a further correction till 10815 - 10795. 


Nifty Spot Levels for the day are

Long above 10915 for 10930 - 10945 - 10985 , SL 10895

Short below 10865 for 10855 - 10840 - 10795 , SL 10885

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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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