Sunday, 5 January 2020

Weekly Spot Outlook Of Nifty For 06th to 10th Jan

Wishing everyone a very happy and prosperous New Year "2020" 
In the previous week : 
Nifty went down by 94 points and then went up by 44 points before finally ending the week with a loss of 19 points compared to last weekly closing. 
Nifty made a life time high of 12293.90 on 20th December and has since then been trading sideways with a few failed attempts to move further above it. 

For this week :
Nifty Resistance Zones -  12270 - 12300 &  12375 - 12395
Nifty Support Zones - 12155 - 12185 & 12080 - 12060
Targets expected if both resistances are broken : 12460 - 12530
Targets expected if both supports are broken : 11995 - 11925 

How to use these levels 

  • Enter on breaking above/below the initial weekly resistance or support zone and look to book partly/fully once price enters the next resistance or support zone . Re-enter if price sustains or closes above / below the next resistance or support zone for final targets . 

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 . 

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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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