Nifty Spot Outlook for 17th February

NIFTY

Nifty spot  opened  at 8739 and made a high of 8783.95 , went down till 8719.60 before closing at 8778 . Had mentioned that long positions can be taken above 8737 and short positions can be taken below 8712 for the day .  

Nifty triggered our long trade and completed all our targets for the day . In the previous session Nifty had confirmed our weekly shorts and also completed 2 targets but Bank Nifty was yet to confirm hence had mentioned that further correction till 8695 - 8668 would come only if Bank Nifty also confirms its weekly shorts else it would pull Nifty up too .

Have been mentioning since November that ' A deeper downmove can be expected on a consecutive close below 7895 ' and we had seen Nifty make a low of 7893.80 in the last week of December. Nifty has gained nearly 900+ points after holding the cbsl of 7895 till now.    Those who are holding longs or intending to go long on a correction should keep a strict cbsl of 8660 spot for their positions .

Now for this week Nifty Spot needs to break and sustain above 8855 for long confirmation, then we can expect a move till 8892 - 8919 initially and closing above 8935 we can expect the next move till 8990 - 9052 . Similarly this week Nifty spot needs to break and sustain below 8733 for short confirmation, then we can expect a move till 8695 - 8668 initially and closing below 8652 we can expect a further move till 8596 - 8535' . 

For the month of February we can expect uptrend in Nifty spot on a consecutive closing above 8696 and downtrend on a consecutive closing below 8427 . In January had mentioned 8329 closing as the long confirmation level for Nifty and we saw a move of 340+ points after Nifty gave a consecutive close above the monthly long confirmation level . This month so far we have got a further move of 125 points after Nifty has closed above our long confirmation level.

Nifty is now near a resistance zone of 8780 - 8840 and has been taking resistance there. Nifty needs to break this zone and sustain above 8875 for a further up move. Incase Nifty is unable to break and sustain this range then we may see a correction from near 8840 - 8875 levels till 8650 - 8550 levels . Those who are holding longs or those who are looking to enter fresh longs on any corrections this week should keep a strict cbsl of 8660 spot for their positions. Nifty had been unable to break and sustain the resistance zone of 8780 - 8840 and had been closing within it and we saw it reverse till within 12 points of 8700 from this range in the previous session and again holding 8700 today we saw it bounce back to this resistance zone . 

For today if Nifty spot sustains above 8792 we can see a initial move on the upside till 8807 & on sustaining above 8811 we may see further move till 8839 . Similarly if Nifty spot sustains below 8764 we may see a initial move on the downside till 8749 & on sustaining below 8745 we may see a further move till 8717 . The consolidation of the past few days have narrowed the range of the targets hence once the daily targets are achieved on any side today then one needs to follow up with the weekly levels. 

Nifty Spot Levels for the day are

Long above 8792 for 8801 - 8811 - 8839 , SL 8774

Short below 8764 for 8755 - 8745 - 8717 , SL 8782

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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.