Tuesday, 24 December 2019

Nifty Spot Outlook for 24th Dec

NIFTY


In the previous session Nifty spot opened at 12235.45 , made a high of 12287.15, made a low of 12213.25   before closing at 12262.75

Had mentioned that long trade will get triggered for the day on sustaining above 12295 and short trade will get triggered for the day on sustaining below 12250. Nifty triggered our short trade and completed 2 targets. 

As mentioned previously " After such a strong upmove a few days of sideways to slightly negative move can be seen in the coming sessions." , and today we witnessed one such day.


For this week :

Those who are looking to enter fresh longs should wait for Nifty to sustain / close above 12335 and then enter for a initial target of 12400 - 12415 and look to hold further only on sustaining or getting a close above 12415 for the next targets of 12470 - 12535. 

&

Those who are looking to enter fresh short should wait for Nifty to sustain / close below 12210 and then enter for a initial target of 12145 - 12130 and look to hold further only on sustaining or getting a close below 12130 for the next targets of 12070 - 12010.


Nifty has to break the narrow range of 12210 - 12335 this week on good volumes on any side for a bigger move.

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 has confirmed its monthly long trade and we can see a move towards 12345 - 12425 next. Bank Nifty is yet to confirm its monthly long trade and has to close strongly above 32380 in the coming session .


Also as mentioned in the previous post " Nifty has immediate support for this week at 12235 - 12210 and sustaining / closing below it we can see it test its next strong support at 12145 - 12130." , today we saw Nifty make a low of 12213.25 taking support at 12235 - 12210 and bounce back towards the end. Breaking and sustaining below this range in the coming session can see a move towards the next support and holding the same we can keep expecting a bounce. 





Now in the coming session Nifty needs to break and sustain above 12280 to test 12300 - 12305 initially and sustaining above it we can see a further upmove till 12320 - 12340. Similarly breaking and sustaining below 12245 we can see a test of 12225 - 12220 initially and breaking and sustaining below it we can see a further correction till 12205- 12185


Nifty Spot Levels for the day are

Long above 12280 for 12290 - 12305 - 12340 , SL 12268

Short below 12245 for 12235 - 12220 - 12185 , SL 12257

The stoploss has come down to 12 points so expect choppy moves on both sides intraday unless weekly trade levels get triggered.

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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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