Monday, 3 February 2020

Nifty Spot Outlook for 04th Feb

In the previous session : 

Nifty went down by 47 points and then went up by 88 points before closing higher by 62 points on Monday 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 11700 levels . 

In the previous session :

Nifty triggered our short trade initially and took our stoploss . Nifty then reversed to trigger our long trade and did 45 points.


For 04th Feb  :

Sustaining above 11755 enter for 11780 - 11810 - 11895 , SL 11720

Sustaining below 11665 enter for 11635 - 11605 - 11520 , SL 11695

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 :
  • Nifty longs will get confirmed with a consecutive close above 12115 for a initial target of 12280 - 12320 and sustaining / closing above 12320 we can see a further move till 12460 - 12610 .  
  • Nifty shorts will get confirmed with a consecutive close below 11810 for  a initial target of 11645 - 11605 and sustaining / closing below 11605 we can see a further move till 11465 - 11315 .
Nifty has triggered our shorts and also completed our initial targets on Budget day with a low of 11633.30. Now sustaining / closing below 11605 we can see a further correction towards 11465 - 11315. Holding above 11605 we can see some pullback towards 11810 - 11870.

Nifty is holding above 11605 and as long its not closing below it we can see a pullback towards 11810 - 11870.

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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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