Saturday, 11 January 2020

Weekly Spot Outlook Of Nifty For 13th to 17th Jan

In the previous week : 

Nifty went down by 297 points and then went up by 84 points before finally ending the week with a gain of 30 points compared to last weekly closing. 

Nifty made a new life time high of 12311.20 on 10th January and now has to break and close strongly above 12360 for a further rally else we can again see profit booking and shorts taking place. 

For this week :

Nifty can face resistance at 12330 - 12375 & above it at 12495 - 12530

Nifty can take support at 12185 - 12140 & below it at 12015 - 11985

Targets expected on breaking resistance of 12530 is 12635 - 12750

Targets expected on breaking support of 11985 is 11735 - 11600 

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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