Thursday, 23 January 2020

Nifty Spot Outlook for 24th Jan

In the previous session : 

Nifty went up by 82 points and closed higher by 73 points on Thursday as compared to the previous day's close.

Nifty made a life time high of 12430.50 on 20th January and again failed to give a strong close above its congestion zone of 12300 - 12375 for the upward momentum to continue and we are seeing a correction towards 12100 levels . 

  • As per levels given for 23rd Jan, Nifty triggered our long trade and did 59 points .

For 24th Jan  :

Sustaining above 12205 enter for 12220 - 12235 - 12280 , SL 12185

Sustaining below 12155 enter for 12140 - 12125 - 12080 , SL 12175

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 .  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.  ", and Nifty had confirmed its longs and today we saw a high of 12430 nearly completing our targets . Post that we saw a good correction due to the divergence as cautioned .

  • 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 . 

  • Also as mentioned " Now Nifty has to give a strong close above 12375 for the upward momentum to continue else we can again see some selling pressure. " , Nifty failed to give a close above 12375 inspite of breaking above it a few times and we are seeing a correction.

  • Nifty has resistance near 12220 - 12250 and it needs to break and sustain above it for a further upmove towards 12290 - 12310 levels. Failing to do so it can can again correct towards below 12100 levels 

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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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