Nifty Spot Outlook for 11th Jan

NIFTY

Nifty spot opened at 10652.05 , made a high of 10655.50,  it made a low of 10592.70,  before closing at 10632.20

Had mentioned that long positions for the day can be taken above 10655 and short positions can be taken below 10620 .  Nifty touched our long trigger level and triggered our short trade and completed 2 short target for the day  .  

Had mentioned in the previous post " Now in the coming session Nifty needs to break and sustain below 10620 to test  10600 - 10595 initially and sustaining below it we can see a further correction till 10575 - 10560 . Similarly breaking and sustaining above 10655 we can see a test of 10675 - 10680 initially and breaking / sustaining above it we can see a further move till 10695 - 10715  . " , and Nifty made a low of 10592.70 just below our initial support zone .

As mentioned in the previous post " Nifty has now given a consecutive close above 10615 and confirmed monthly longs for a initial test of 10700 - 10720 . Though Nifty has given a consecutive close its also important for Bank Nifty to sustain and give a close above its monthly long levels else Nifty might not be able to sustain above the confirmation levels just like it was not able to sustain below its short levels . So in the coming sessions we need Bank Nifty to sustain above 25760 levels for the next move upwards ." , and we saw today Bank Nifty initially drag Nifty lower as it failed to break and sustain above 25760 levels .

Now in the coming session Nifty needs to break and sustain below 10615 to test 10595 - 10590 initially and sustaining below it we can see a further correction till 10575 - 10555. Similarly breaking and sustaining above 10650 we can see a test of 10670 - 10675 initially and breaking / sustaining above it we can see a further move till 10690 - 10710 . We have 2 big results of TCS and Indusind Bank which will have its own impact on Nifty and Bank Nifty tomorrow and we can expect a volatile session.

Nifty Spot Levels for the day are

Long above 10650 for 10660 - 10675 - 10710 , SL 10625

Short below 10615 for 10605 - 10590 - 10555 , SL 10640

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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.