Nifty Spot Outlook for 09th Jan

NIFTY

Nifty spot opened at 10591.70 , made a low of 10588.55,  it made a high of 10631.20,  before closing at 10623.60

Had mentioned that long positions for the day can be taken above 10575 and short positions can be taken below 10540 .  Nifty triggered our long trade and nearly completed all 3 long targets for the day  .  

Had mentioned in the previous post " Now in the coming session Nifty needs to break and sustain below 10540 to test  10520 - 10515 initially and sustaining below it we can see a further correction till 10500 - 10480 . Similarly breaking and sustaining above 10580 we can see a test of 10595 - 10605 initially and breaking / sustaining above it we can see a further move till 10620 - 10635  . " , and Nifty made a high of 10631.20 in our 2nd resistance for the day.

Nifty now needs to give a consecutive close above 10615 to confirm monthly longs for a initial test of 10700 - 10720 . Today we have got a first close and we need to see whether we can get a consecutive close tomorrow . Its also important for Bank Nifty to give a close above its monthly long levels else Nifty might not be able to sustain above the confirmation levels .

Now in the coming session Nifty needs to break and sustain below 10605 to test 10585 - 10575 initially and sustaining below it we can see a further correction till 10560 - 10540. Similarly breaking and sustaining above 10645 we can see a test of 10665 - 10670 initially and breaking / sustaining above it we can see a further move till 10685 - 10705

Nifty Spot Levels for the day are

Long above 10645 for 10655 - 10670 - 10705 , SL 10615

Short below 10605 for 10590 - 10575- 10540 , SL 10630

If you want to see the post in your Inbox , kindly register by adding your email id in  the 'Subscribe to my posts' section on the top right side of the blog. Also please give your valuable feedback by selecting the appropriate reactions box at the bottom of the post.

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.