Wednesday, 4 January 2017

Nifty Spot Outlook for 05th January

NIFTY


Nifty spot  opened  at 8202.65 and made a high of 8218.50 , went down till 8180.90 before closing at 8190.50 . Had mentioned that long positions can be taken above 8218 and short positions can be taken  below 8167 for the day .  Nifty traded between 8167 - 8218 the entire day without breaking out in any direction . Nifty has so far traded this week within 8117 - 8255 where our weekly short and long trade gets confirmed . We should see a break of this range in the next 2 days .  For now Nifty is trading within our weekly short and long trade range of 8117 - 8255 and breaking and sustaining of this range is required for a trending move on either side for this week after the last 3 days of consolidation .   As have been mentioning ' A deeper downmove can be expected on a consecutive close below 7895 ' and we had seen this level being tested in the previous week but Nifty had managed to hold it on closing .  Till Nifty does not give a consecutive close above 8329 this month we can expect all upmoves to get sold into  . For this week Nifty spot needs to break and sustain above 8255 then we can expect a move till 8297 - 8327 initially and closing above 8346 we can expect the next move till 8408 - 8477.  Similarly this week Nifty spot needs to break and sustain below 8117 then we can expect a move till 8074 - 8044 initially and closing below 8026 we can expect a move till 7963 - 7894. 

For the month of January we can expect uptrend in Nifty spot on a consecutive closing above 8329 and downtrend on a consecutive closing below 8043 .

For today if Nifty spot sustains above 8212 we can see a initial move on the upside upto 8236 & on sustaining above 8241 we may see further upmove till 8283. Similarly if Nifty spot sustains below 8169 we may see a initial move on the downside upto 8145 & on sustaining below 8140 we may see a further downmove till 8098


Nifty Spot Levels for the day are

Long above 8212 for 8226 - 8241 - 8283 , SL 8184

Short below 8169 for 8155 - 8140 - 8098 , SL 8197

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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.