Tuesday, 29 January 2019

Nifty Spot Outlook for 30th Jan

NIFTY


In the previous session Nifty spot opened at 10653.70 and made a low of 10583.65 ,  it made a high of 10690.35  before closing at 10652.20

Had mentioned that long trade will get triggered for the day on sustaining above 10685 and short trade will get triggered for the day on sustaining below 10640. Nifty triggered our short trade for the day and did 55 points . It then reversed towards the end of day to move towards our long trigger.

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 Nifty had triggered our weekly shorts and today nearly tested our next targets of 10565 - 10495 with a low of 10583.65 . Had further mentioned yesterday that " Those who are still short should trail their cbsl to 10695 and incase of a further correction look to book near 10585 ." , and Nifty gave a good exit to shorts today with the low of 10583.65.

As written in the previous post "Now Nifty needs to hold 10565 in the coming session on closing basis for any small pullback to be expected towards 10715 - 10740 ." , and with today's pullback we can see a test of 10715 - 10740 in the coming session. Those who are holding longs can look to book once near 10725 .

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 375 points . 

Now in the coming session Nifty needs to break and sustain above 10675 to test 10695 - 10700 initially and sustaining above it we can see a further upmove till 10720 - 10740. Similarly breaking and sustaining below 10630 we can see a test of 10610 - 10605 initially and breaking and sustaining below it we can see a further correction till 10585 - 10565. 


Nifty Spot Levels for the day are

Long above 10675 for 10685 - 10700 - 10740 , SL 10655

Short below 10630 for 10620 - 10605 - 10565 , SL 10645

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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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