Nifty Spot Outlook for 09th Jan

In the previous session : 

Nifty corrected by 123 points and closed lower by 27 points from Tuesday'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 today completed our weekly short targets giving 250 points . Now holding today's low and breaking above 12065 we can see a bounce back towards 12150 - 12180 levels again .

• As per levels given for 08th Jan, Nifty triggered our short trade and gave 75 points.

                                       

For 09th Jan  :

Sustaining above 12065 enter for 12090 - 12115 - 12185

Sustaining below 11985 enter for 11960 - 11935 - 11865 

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 have got another close below 12035 today but again need to see if we can get a consecutive close below it to expect a break of 11900 . 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.