Saturday, 25 January 2020

Weekly Spot Outlook Of Nifty for 27th to 31st Jan

In the previous week : Nifty went up by 78 points then went down by 264 points before finally ending the week with a loss of 104 points compared to last weekly closing. 

Nifty made a new life time high of 12430 on 20th January . Nifty has to break and close strongly above 12400 for a further rally else we can again see profit booking and shorts taking place. 

Nifty for this week :

  • Sustaining above 12285 enter for 12310 - 12330 - 12350 
  • Further sustaining above 12375 enter for 12395 - 12450 - 12510 

  • Sustaining below 12210 enter for 12185 - 12165 - 12145 
  • Further sustaining below 12120 enter for 12105 - 12045 - 11985 

How to use these levels 
  • Enter on sustaining above/below the initial weekly levels mentioned and look to book partly/fully once it completes its initial 3 targets . Re-enter if price further sustains or closes above / below the next level mentioned for the next 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 longs got confirmed and we saw high of 12430 near to our initial target of 12445 - 12480 . Post that we saw a correction till 12088 as Bank Nifty was not in sync and was in divergence . Nifty took support above our short confirmation levels of 12035 and has again bounced above 12200. Now the divergence between Bank Nifty & Nifty has reduced slightly and once complete we can see a trending move with both indexes moving in the same direction.
  • 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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