Wednesday 1 March 2017

Nifty Spot Outlook for 02nd March

NIFTY


Nifty spot  opened  at 8904.40 and made a low of 8898.60, then went up till 8960.80 before closing at 8945.80 . Had mentioned that long positions can be taken above 8895 and short positions can be taken below 8864 for the day .  

Nifty triggered our long trade and completed all our long targets for the day .  Nifty had in the previous session triggered our weekly shorts and nearly completed our initial 3 targets . Further shorts was to get triggered below 8863 and confirmed on sustaining below 8853 which did not happen and Nifty reversed and closed in neutral zone again today for the week. Now Nifty needs to give a close above 8977 this week for further upmove . 

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 1050+ 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 8830 spot for their positions .


Now for this week Nifty Spot needs to break and sustain above 8977 for long confirmationthen we can expect a move till 9000 - 9016 initially and closing above 9026 we can expect the next move till 9060 - 9098 . Similarly this week Nifty spot needs to break and sustain below 8902 for short confirmation, then we can expect a move till 8879 - 8863 initially and closing below 8853 we can expect a further move till 8819 - 8781' . In the previous session we had seen that Nifty was not able to break below 8863 - 8853 zone to confirm further shorts and Nifty reversed to move up and close today between our long and short trigger for this week.


For the month of March we can expect uptrend in Nifty spot on a consecutive closing above 8966 and downtrend on a consecutive closing below 8793 . In February had mentioned 8696 closing as the long confirmation level for Nifty and we saw a move of 275+ points after Nifty gave a consecutive close above the monthly long confirmation level . 

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 8830 spot for their positions. Those who holding shorts or those who are intending to go short on further upmove should keep a strict cbsl of 8977 spot for their positions.

For today if Nifty spot sustains above 8959 we can see a initial move on the upside till 8973 & on sustaining above 8976 we may see further move till 9001 . Similarly if Nifty spot sustains below 8933 we may see a initial move on the downside till 8919 & on sustaining below 8915 we may see a further move till 8890 . 


Nifty Spot Levels for the day are

Long above 8959 for 8967 - 8976 - 9001 , SL 8942

Short below 8933 for 8925 - 8915 - 8890 , SL 8950

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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.

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