Wednesday, 31 January 2018

Nifty Spot Outlook for 01st Feb

NIFTY


Nifty spot opened at 11018.80 , it made a high of 11058.50 , it made a low of 10979.30 , before closing at 11027.70 .

Had mentioned that long positions for the day can be taken above 11075 and short positions can be taken below 11025 . Nifty triggered our short trade and completed 2 targets . Nifty had reversed from just before our initial weekly resistance zone of 11175 - 11190 this week . Now Nifty needs to hold 11015 on closing basis in the coming session for a bounce back to be expected again towards the highs .

Had mentioned in the previous post " Now in the coming session Nifty needs to break and sustain above 11075 to test 11095 - 11100 initially and sustaining above it we can see a further upmove till 11120 - 11145 . Similarly breaking and sustaining below 11025 we can see a test of 11005 - 11000 initially and breaking and sustaining below it we can see a further correction till 10975 - 10955 . " , and Nifty made a low of 10979.30 just above our next support zone . Nifty has its weekly support at 11035 - 11015 which should be held on closing basis for a bounce back to the highs . Breaking and sustaining below the weekly support we can expect a test of 10965 - 10950 initially and below it till 10905 - 10855. 

Now in the coming session Nifty needs to break and sustain above 11050 to test 11075 - 11080 initially and sustaining above it we can see a further upmove till 11100 - 11120. Similarly breaking and sustaining below 11005 we can see a test of 10980 - 10975 initially and breaking / sustaining below it we can see a further correction till 10955 - 10935 .


Nifty Spot Levels for the day are

Long above 11050 for 11065 - 11080 - 11120 , SL 11020

Short below 11005 for 10990 - 10975 - 10935 , SL 11035

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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.