Nifty Spot Outlook for 30th January

NIFTY

Nifty spot  opened  at 8610.50 and made a low of 8606.90 , went up till 8672.70 before closing at 8641.25 . Had mentioned that long positions can be taken above 8625 and short positions can be taken below 8581 for the day .  

Nifty triggered our intraday long trade and missed our last target by 24 points . Nifty had also completed all our weekly long targets a day ago and exceeded it too .

Nifty has given a second consecutive close above 8600 and if it manages to break and sustain above 8663 then we may see some resistance near 8692 - 8699 levels. Have been mentioning since November that ' A deeper downmove can be expected on a consecutive close below 7895 ' and we had seen Nifty make a low of 7893.80 in the last week of December.  Those who are holding longs or intending to go long on a correction should keep a strict cbsl of 8486 for their positions.

Now for this week Nifty Spot needs to break and sustain above 8699 for long confirmation, then we can expect a move till 8735 - 8761 initially and closing above 8776 we can expect the next move till 8829 - 8887 . Similarly this week Nifty spot needs to break and sustain below 8583 then we can expect a move till 8547 - 8522 initially and closing below 8506 we can expect a further move till 8454 - 8396' .

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 . Nifty has given a move of 340+ points after closing above the monthly long confirmation level till now.

For today if Nifty spot sustains above 8663 we can see a initial move on the upside till 8686 & on sustaining above 8692 we may see further move till 8734 . Similarly if Nifty spot sustains below 8619 we may see a initial move on the downside till 8596 & on sustaining below 8590 we may see a further move till 8548

Nifty Spot Levels for the day are

Long above 8663 for 8677 - 8692 - 8734 , SL 8634

Short below 8619 for 8606 - 8590 - 8548 , SL 8648

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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.