Thursday, 9 January 2020

Nifty Spot Outlook for 10th Jan

In the previous session : 

Nifty went up by 198 points and closed higher by 190 points from Wednesday'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 . Post that holding 11930 we were expecting Nifty to bounce back towards 12150 - 12180 levels again and today we saw open gap with this range and make a high of 12224.05 .

  • As per levels given for 09th Jan, Nifty triggered our long trade with a gap up of 100 and gave another 100 points.

For 10th Jan  :

Sustaining above 12260 enter for 12285 - 12315 - 12400

Sustaining below 12170 enter for 12145 - 12115 - 12030

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 . 

  • Nifty has given a marginal close above 12210 and sustaining above it we can expect Nifty to make an attampt at its all time high. 

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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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