Sunday, 4 February 2018

Nifty Spot Outlook for 05th Feb

NIFTY


Nifty spot opened at 10938.20 , it made a high of 10954.95 , it made a low of 10736.10 , before closing at 10760.60 .

Had mentioned that long positions for the day can be taken above 11040 and short positions can be taken below 10995 . Nifty triggered our short trade by opening below our 2nd target for the day . Nifty confirmed our weekly short trade too and completed all weekly short targets too .  Nifty had reversed from just before our initial weekly resistance zone of 11175 - 11190 earlier this week . 

Had mentioned in the previous post " 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 . " , and Nifty made a low of 10736.10 way below our last weekly short target too . 

For the month of February Nifty has triggered our monthly shorts  for a initial target of 10775 - 10745 and breaking and sustaining below it we can see a further test of 10635 - 10515 . Monthly longs will get confirmed with a consecutive close above 11150 for a initial target of 11280 - 11310 and breaking and sustaining above it we can see a further test of 11420 - 11540 .

Now in the coming session Nifty needs to break and sustain above 10800 to test 10840 - 10850 initially and sustaining above it we can see a further upmove till 10885 - 10925. Similarly breaking and sustaining below 10720 we can see a test of 10680 - 10670 initially and breaking and sustaining below it we can see a further correction till 10635 - 10600.


Nifty Spot Levels for the day are

Long above 10800 for 10825 - 10850 - 10925 , SL 10750

Short below 10725 for 10700 - 10670 - 10600 , SL 10775

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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.