Thursday, 19 December 2019

Nifty Spot Outlook for 20th Dec

NIFTY


In the previous session Nifty spot opened at 12223.40 , made a low of 12191.15, made a new life time high of 12268.35   before closing at 12259.70

Had mentioned that long trade will get triggered for the day on sustaining above 12255 and short trade will get triggered for the day on sustaining below 12195. Nifty triggered our short trade but could not sustain and took our stoploss. Nifty then triggered our long trade but again could not complete any target indicating indecisiveness. After such a strong upmove a few days of sideways to slightly negative move can be seen in the coming session.


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. 

Had mentioned in the previous post " Today Nifty broke and closed above 12160 and we can see a move towards 12230 - 12250 now. Those who have entered longs today can look to book once near 12230 - 12250 and re-enter on a close above 12250.", , and Nifty made a high of 12268.35 giving 100 points from the weekly long trade and also closed mildly above 12250 and as it needs to sustain above it for a move towards the next targets. 


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. 

As mentioned previously " 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." , and Nifty has confirmed its monthly long trade and we can see a move towards its initial targets of 12385 - 12425 . Bank Nifty is yet to trigger its monthly longs and it needs to participate for Nifty to move up strongly further else it will put pressure on Nifty too . 

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 12285 to test 12310 - 12315 initially and sustaining above it we can see a further upmove till 12335 - 12360. Similarly breaking and sustaining below 12235 we can see a test of 12210 - 12205 initially and breaking and sustaining below it we can see a further correction till 12185- 12160


Nifty Spot Levels for the day are

Long above 12285 for 12300 - 12315 - 12360 , SL 12265

Short below 12235 for 12220 - 12205 - 12160 , SL 12255



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