Thursday, 8 February 2018

Nifty Spot Outlook for 08th Feb

NIFTY


Nifty spot opened at 10607.20 , it made a high of 10614 , it made a high of 10446.40 , before closing at 10476.70 .

Had mentioned that long positions for the day can be taken above 10535 and short positions can be taken below 10465 . Nifty opened with a big gap up near our last long target for the day and did not give a chance to enter . Nifty then triggered our short trade and completed just 1 target . Nifty had confirmed our weekly short trade  and has already completed all our short targets  .  Had mentioned in the previous posts " Now for a further correction this week Nifty has to break and sustain below 10550 - 10525 zone , else this zone can provide support from where we can see a small bounce .Nifty has today  closed below this zone and it would need to sustain above it for any small recovery else we may see a test of 10435 - 10330 again. " , and Nifty today nearly tested 10435 and again closed below the support zone mentioned . 

Had mentioned in the previous post " Now in the coming session Nifty needs to break and sustain above 10535 to test 10570 - 10580 initially and sustaining above it we can see a further upmove till 10610 - 10640. Similarly breaking and sustaining below 10465 we can see a test of 10430 - 10420 initially and breaking and sustaining below it we can see a further correction till 10390 - 10360 . " , and Nifty opened with a gap up and made a high of 10614 within our next resistance zone for the day  . 

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 . Sustaining below 10515 Nifty can see a retest of 10435 - 10330 zone . For a slightly bigger correction Nifty needs to give a close below 10390 for a test of 10240 - 10200 initially .

Now in the coming session Nifty needs to break and sustain above 10510 to test 10545 - 10555 initially and sustaining above it we can see a further upmove till 10585 - 10615. Similarly breaking and sustaining below 10445 we can see a test of 10410 - 10400 initially and breaking and sustaining below it we can see a further correction till 10370 - 10335.


Nifty Spot Levels for the day are

Long above 10510 for 10530 - 10555 - 10615 , SL 10465

Short below 10445 for 10425 - 10400 - 10335 , SL 10490

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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.