Nifty Spot Outlook for 12th Jan

NIFTY

Nifty spot opened at 10637.05 , made a low of 10612.35,  it made a high of 10664.60,  before closing at 10651.20

Had mentioned that long positions for the day can be taken above 10650 and short positions can be taken below 10615 .  Nifty triggered our short trade and took our stoploss . Nifty then triggered our long trade and completed just 1 target . 

Had mentioned in the previous post " 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  . " , and Nifty today broke below 10615 initially but did not sustain and made a high of 10664.60 just below our initial resistance zone .

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 .

Now in the coming session Nifty needs to break and sustain below 10635 to test 10615 - 10610 initially and sustaining below it we can see a further correction till 10595 - 10575. Similarly breaking and sustaining above 10670 we can see a test of 10690 - 10695 initially and breaking / sustaining above it we can see a further move till 10710 - 10725 .

Nifty Spot Levels for the day are

Long above 10670 for 10680 - 10695 - 10725 , SL 10645

Short below 10635 for 10625 - 10610 - 10575 , SL 10660

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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.