Wednesday, 5 February 2020

Nifty Spot Outlook for 06th Feb

In the previous session : 



Nifty went down by 26 points and then went up by 118 points before closing higher by 110 points on Wednesday 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 saw a correction till 11614.50 . 


On 05th Feb :

Nifty triggered our long trade and did 70 points 


                                       

For 06th Feb  :




Sustaining above 12150 enter for 12185 - 12230 - 12345 , SL 12105

Sustaining below 12030 enter for 11990 - 11950 - 11835 , SL 12070






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 with a low of 11614.50. 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 held above 11605 and has now moved closer to 12000 levels again . Nifty has immediate resistance near 12025 - 12115 zone now which it needs to break strongly and close above for the upmove to continue in the coming sessions. 

Nifty has closed within the resistance zone towards the higher end today and we need to see it sustain and close consecutively above 12115 for a further long trade.


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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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