Nifty Spot Outlook for 02nd Feb

NIFTY

Nifty spot opened at 11044.55 , it made a low of 10878.80 , it made a high of 11117.35 , before closing at 11016.90 .

Had mentioned that long positions for the day can be taken above 11050 and short positions can be taken below 11005 . Nifty today swung both sides and triggered our short trade and completed all targets and also triggered our long trade and nearly completed all targets .  Nifty had reversed from just before our initial weekly resistance zone of 11175 - 11190 earlier 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 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 and sustaining below it we can see a further correction till 10955 - 10935 . " , and Nifty made a low of 10878.80 way below our next support zone and a high of 11117.35 within our next resistance zone . Also had mentioned in the previous post that " 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. " , and Nifty took support within our next weekly support zone today and bounced back to close just above 11015 .

Now in the coming session Nifty needs to break and sustain above 11040 to test 11065 - 11070 initially and sustaining above it we can see a further upmove till 11090 - 11115. Similarly breaking and sustaining below 10995 we can see a test of 10970 - 10965 initially and breaking and sustaining below it we can see a further correction till 10945 - 10920 .

Nifty Spot Levels for the day are

Long above 11040 for 11055 - 11070 - 11115 , SL 11010

Short below 10995 for 10980 - 10965 - 10920 , SL 11025

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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.