Monday, 16 December 2019

Nifty Spot Outlook for 17th Dec

NIFTY


In the previous session Nifty spot opened at 12131.35 , made a high of 12134.65 , made a low of 12046.30,   before closing at 12053.75

Had mentioned that long trade will get triggered for the day on sustaining above 12115 and short trade will get triggered for the day on sustaining below 12060. Nifty initially triggered our long trade with a gap up and took our stoploss. Nifty then triggered our short trade towards the end and nearly completed just 1 target. Nifty indicated some indecisiveness today on the upside . 


For this week :

Those who are looking to enter fresh longs should wait for Nifty to sustain / close above 12160 and then enter for a initial target of 12230 - 12250 and look to hold further only on sustaining or getting a close above 12250 for the next targets of 12310 - 12380. 

&

Those who are looking to enter fresh short should wait for Nifty to sustain / close below 12015 and then enter for a initial target of 11945 - 11925 and look to hold further only on sustaining or getting a close below 11925 for the next targets of 11860 - 11795. 

Current trading range is 12015 - 12160 and we need a break of this range on either side for a good move this week.



For this month :

For the month of December , longs will get confirmed in Nifty with a consecutive close above 12215 for a initial target of 12385 - 12425 and sustaining / closing above 12425 we can see a further move till 12570 - 12730 .  Similarly shorts will get confirmed with a consecutive close below 11895 for  a initial target of 11730 - 11685 and sustaining / closing below 11685 we can see a further move till 11545 - 11385 . 

Nifty failed to give a consecutive close below 11895 and did not confirm our monthly short trade and reversed strongly. 

Nifty has resistance for this week at 12130 - 12160 and for the month at 12160 - 12215 so if we sync both the weekly and monthly levels then 12160 - 12215 zone is going to be important for the uptrend continuation this month.

Nifty has immediate support for this week at 12045 - 12015 and sustaining / closing below it we can see it test its next strong support at 11945 - 11925.




Now in the coming session Nifty needs to break and sustain above 12080 to test 12105 - 12115 initially and sustaining above it we can see a further upmove till 12135 - 12160. Similarly breaking and sustaining below 12025 we can see a test of 12000 - 11995 initially and breaking and sustaining below it we can see a further correction till 11970 - 11945


Nifty Spot Levels for the day are

Long above 12080 for 12095 - 12115 - 12160 , SL 12060

Short below 12025 for 12015 - 11995 - 11945 , SL 12045



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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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