Thursday, 24 January 2019

Nifty Spot Outlook for 25th Jan

NIFTY


In the previous session Nifty spot opened at 10844.05 and made a low of 10798.65 ,  then made a high of 10866.60  before closing at 10849.80

Had mentioned that long trade will get triggered for the day on sustaining above 10860 and short trade will get triggered for the day on sustaining below 10805. Nifty triggered our short trade for the day but could not sustain and reversed . It then triggered our long trade but again could not sustain indicating indecisiveness. 

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 Nifty had triggered our short trade and completed our initial 3 targets . Today it took support above 10785 - 10770 and recovered in the second half and it now needs to break and sustain below this levels for a further correction else holding the same we can continue to see the move go towards 10890 and above . 

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 . Nifty has a strong support near 10790 - 10760 zone and as long it does not close below it we can expect it to trade between 10760 - 10990.

Now in the coming session Nifty needs to break and sustain above 10875 to test 10900 - 10910 initially and sustaining above it we can see a further upmove till 10930 - 10955. Similarly breaking and sustaining below 10825 we can see a test of 10800 - 10790 initially and breaking and sustaining below it we can see a further correction till 10770 - 10745. 


Nifty Spot Levels for the day are

Long above 10875 for 10890 - 10910 - 10955 , SL 10855

Short below 10825 for 10810 - 10790 - 10745 , SL 10845

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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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