Thursday, 16 January 2020

Nifty Spot Outlook for 17th Jan

In the previous session : 



Nifty went down by 46 points and closed higher by 12 points from Wednesday's close . 




Nifty made a life time high of 12389.05 on 16th 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 . Today again Nifty failed to give a close above 12375.




  • As per levels given for 16th Jan, Nifty triggered our long trade but did not sustain and traded sideways between our long and short trigger zone post that.  
                                       

For 17th Jan  :




Sustaining above 12400 enter for 12425 - 12450 - 12530

Sustaining below 12315 enter for 12290 - 12260 - 12180





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 :

  • As mentioned previously " 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 ." , today Nifty gave a consecutive close above 12305 and we can see a move till 12445 - 12480. The only concern is that Bank Nifty is lagging behind and needs to catch up in the coming session and close the divergence else Nifty can halt and correct to catch up with Bank Nifty before moving up again.   

  • 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 . 


  • Now Nifty has to give a strong close above 12375 for the upward momentum to continue else we can again see some selling pressure. 


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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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