Nifty Spot Outlook for 24th Jan

NIFTY

In the previous session Nifty spot opened at 10931.05 and made a high of 10944.80 ,  then made a low of 10811.95  before closing at 10831.50

Had mentioned that long trade will get triggered for the day on sustaining above 10945 and short trade will get triggered for the day on sustaining below 10900. Nifty triggered our short trade for the day and completed all targets and gave 85 points .

As mentioned " For this week Nifty needs to break and sustain / close above 10965 to test 11025 - 11045 initially and above it we can see a test of 11095 - 11155 . Similarly Nifty needs to break and sustain / close below 10850 to test 10785 - 10770 initially and below it we can see a test of 10720 - 10660." , and today Nifty triggered our short trade and completed our initial 3 targets . Now has a small support near 10785 - 10770 in the coming session which it needs to break and sustain below for a further correction. 

Also as mentioned " 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 . " , and Nifty failed to sustain  above 10960 and corrected by 150 points . 

Now in the coming session Nifty needs to break and sustain above 10860 to test 10885 - 10890 initially and sustaining above it we can see a further upmove till 10915 - 10940. Similarly breaking and sustaining below 10805 we can see a test of 10780 - 10775 initially and breaking and sustaining below it we can see a further correction till 10750 - 10725. 

Nifty Spot Levels for the day are

Long above 10860 for 10875 - 10890 - 10940 , SL 10840

Short below 10805 for 10790 - 10775 - 10725 , 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.