Friday, 8 February 2019

Nifty Spot Outlook for 08th Feb

NIFTY


In the previous session Nifty spot opened at 11070.45 and made a low of 11043.60 ,  it made a high of 11118.10  before closing at 11069.40

Had mentioned that long trade will get triggered for the day on sustaining above 11095 and short trade will get triggered for the day on sustaining below 11030. Nifty triggered our long trade and did just 20 points .

Had mentioned " For this week Nifty needs to break and sustain / close above 10980 to test 11075 - 11095 initially and above it we can see a test of 11175 - 11260 . Similarly Nifty needs to break and sustain / close below 10805 to test 10715 - 10690 initially and below it we can see a test of 10615 - 10525. " , and Nifty triggered our weekly long trade and completed our initial targets of 11075 - 11095 with a high of 11118.10 .

Now Nifty needs to break above 11075 - 11095 range in the coming session for a move towards 11175 - 11260 and failing to do so we can see a move back to test 11010 - 10980 .

For the month of February , longs in Nifty will get confirmed with a consecutive close above 11010 for a initial target of 11195 - 11245 and sustaining / closing above it we can see a further test of 11405 - 11580 . Similarly , shorts will get confirmed with a consecutive close below  10655 for a initial target of 10465 - 10420 and sustaining / closing below it we can see a further move till 10260 - 10080 . Today Nifty has given a consecutive close above  11010 confirming our monthly long trade for a initial target of 11195 - 11245 . But Bank Nifty has so far not even given a single close above its monthly long confirmation level and if it does not give a confirmation then Nifty will find it difficult to keep moving up.

Now in the coming session Nifty needs to break and sustain above 11100 to test 11135 - 11145 initially and sustaining above it we can see a further upmove till 11170 - 11205. Similarly breaking and sustaining below 11035 we can see a test of 11005 - 10995 initially and breaking and sustaining below it we can see a further correction till 10965 - 10935.



Nifty Spot Levels for the day are

Long above 11100 for 11120 - 11145 - 11205 , SL 11080

Short below 11040 for 11020 - 10995 - 10935 , SL 11060


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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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