Nifty Spot Outlook for 28th Jan

NIFTY

In the previous session Nifty spot opened at 10859.75 and made a high of 10931.70 ,  then made a low of 10756.45  before closing at 10780.55

Had mentioned that long trade will get triggered for the day on sustaining above 10875 and short trade will get triggered for the day on sustaining below 10825. Nifty initially triggered our long trade for the day and did 50 points . It then reversed and triggered our short trade and did 60 points .

For this week Nifty needs to break and sustain / close above 10850 to test 10920 - 10940 initially and above it we can see a test of 11000 - 11065 . Similarly Nifty needs to break and sustain / close below 10715 to test 10645 - 10625 initially and below it we can see a test of 10565 - 10495.

Nifty now has strong support near 10740 - 10715 and it needs to hold these to expect a pullback and failing to do so we can expect 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 now by 200 points . 

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 - 10890. Similarly breaking and sustaining below 10755 we can see a test of 10730 - 10720 initially and breaking and sustaining below it we can see a further correction till 10700 - 10675. 

Nifty Spot Levels for the day are

Long above 10805 for 10820 - 10840 - 10890 , SL 10785

Short below 10755 for 10740 - 10720 - 10675 , SL 10775

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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.