Sunday, 12 January 2020

Nifty Spot Outlook for 13th Jan

In the previous session : 

Nifty went up by 95 points and closed higher by 41 points from Thursday's close . 

Nifty made a life time high of 12311.20 on 10th January and now it needs to give a strong close above its congestion zone of 12300 - 12375 for the upward momentum to continue else we can again see some profit booking and short selling from these levels .

  • As per levels given for 10th Jan, Nifty triggered our long trade with a gap up and gave 50 points.

For 13th Jan  :

Sustaining above 12300 enter for 12325 - 12360 - 12445

Sustaining below 12210 enter for 12185 - 12155 - 12070

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 . 

  • Had mentioned in the previous post "Nifty has given a marginal close above 12210 and sustaining above it we can expect Nifty to make an attempt at its all time high." , and we saw a new life time high on Friday. Now Nifty has to give a strong close above 12375 for the upward momentum to continue. 

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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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