Thursday, 8 February 2018

Nifty Spot Outlook for 09th Feb

NIFTY


Nifty spot opened at 10518.50 , it made a low of 10479.55 , it made a high of 10637.80 , before closing at 10576.85

Had mentioned that long positions for the day can be taken above 10510 and short positions can be taken below 10445 . Nifty triggered our long trade and completed all long targets for the day . 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 today once Nifty sustained above the support zone we saw a small bounce of nearly 100 points .  

Had mentioned in the previous post " 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 . " , and Nifty made a high of 10637.80 above our next resistance zone  . 

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 10615 to test 10655 - 10665 initially and sustaining above it we can see a further upmove till 10705 - 10740. Similarly breaking and sustaining below 10540 we can see a test of 10495 - 10485 initially and breaking and sustaining below it we can see a further correction till 10450 - 10415.


Nifty Spot Levels for the day are

Long above 10615 for 10640 - 10665 - 10740 , SL 10565

Short below 10540 for 10515 - 10485 - 10415 , SL 10590

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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.