Wednesday, 29 January 2020

Nifty Spot Outlook for 29th Jan

In the previous session : 

Nifty went up by 44 points and went down by 94 points and closed lower by 63 points on Tuesday as compared to the previous day's close.

Nifty had 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 below 12100 levels . 

  • As per levels given for 28th Jan, Nifty initially triggered our long trade and completed one target and took our TSL . Nifty then reversed to trigger our short trade and did 65 points .

For 29th Jan  :

Sustaining above 12085 enter for 12100 - 12120 - 12170 , SL 12065

Sustaining below 12030 enter for 12015 - 11995 - 11945 , SL 12050

Nifty has support near 12035 levels on the downside and may take support there for a bounce .

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 :

  • Earlier this month Nifty longs was confirmed with a consecutive close above 12305 for a initial target of 12445 - 12480 and we saw a high of 12430 . Post that due to the widening divergence between the Nifty and Bank Nifty we saw Nifty finally coming under pressure and correct by around 400 points . 

  • Now 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 . The coming session Nifty needs to sustain / close 12035 on closing for a bounce to be expected in this expiry.

  • Nifty has immediate resistance near 12290 - 12310 and it needs to break and sustain above it for a further upmove towards 12375 - 12395 levels. Failing to do so it will keep coming under selling pressure for a break of 12000. 

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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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