Nifty Spot Outlook for 29th Jan

NIFTY

In the previous session Nifty spot opened at 10792.45 and made a high of 10804.45 ,  then made a low of 10630.95  before closing at 10661.55

Had mentioned that long trade will get triggered for the day on sustaining above 10805 and short trade will get triggered for the day on sustaining below 10755. Nifty triggered our short trade for the day and did 130 points as it triggered our weekly shorts too .

Had mentioned " 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." , and today Nifty triggered our weekly shorts and completed our initial targets of 10645 - 10625 with a low of 10630.95 giving a good exit . Now in the coming session Nifty needs to sustain below 10625 to test 10565 - 10495 . Those who are still short should trail their cbsl to 10695 and incase of a further correction look to book near 10585 .

As written in the previous post " 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. " , and today breaking below 10740 - 10715 we saw nearly a 100 point correction. 

Now Nifty needs to hold 10565 in the coming session on closing basis for any small pullback to be expected towards 10715 - 10740 . 

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 10685 to test 10705 - 10710 initially and sustaining above it we can see a further upmove till 10730 - 10750. Similarly breaking and sustaining below 10640 we can see a test of 10620 - 10615 initially and breaking and sustaining below it we can see a further correction till 10595 - 10575. 

Nifty Spot Levels for the day are

Long above 10685 for 10695 - 10710 - 10750 , SL 10665

Short below 10640 for 10630 - 10615 - 10575 , SL 10655

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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.