Tuesday, 7 January 2020

Nifty Spot Outlook for 08th Jan

In the previous session : 

Nifty corrected by 159 points and closed higher by 60 points from Monday's close . 

Nifty made a life time high of 12293.90 on 20th December and has since then been trading sideways to negative. 

Nifty had triggered a short trade as per our weekly levels on Monday and done around 200 points and then bounced back on Tuesday . As long as its still sustaining below 12060 we can see selling pressure resume.    

  • As per levels given for 07th Jan Nifty triggered our long trade and completed all targets giving 120 points.

For 08th Jan  :

Sustaining above 12095 enter for 12115 - 12145 - 12220

Sustaining below 12010 enter for 11990 - 11960 - 11885 

How to use these levels 

  • Enter on sustaining above/below the levels mentioned and look to book partly/fully once at the 2nd target as its placed at the resistance / support . Re-enter if price sustains above / below the 2nd target with a trailing stoploss of the entry levels. 

For this month :

  • Nifty longs will get confirmed with a consecutive close above 12305 for a initial target of 12445 - 12480 and sustaining / closing above 12480 we can see a further move till 12600 - 12735 .  

  • Nifty shorts will get confirmed with a consecutive close below 12035 for  a initial target of 11895 - 11855 and sustaining / closing below 11855 we can see a further move till 11735 - 11600 . 

  • We had got a close below 12035 but have failed to get a close below it today to expect 11895 - 11855 . In the coming session Nifty needs to give a close above 12210 to assume that the correction is over . If Nifty fails to close above 12210 then we can expect a correction again . 

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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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