Nifty Spot Outlook for 03rd March

NIFTY

Nifty spot  opened  at 8982.85 and made a high of 8992.50, then went down till 8879.80 before closing at 8899.75 . Had mentioned that long positions can be taken above 8959 and short positions can be taken below 8933 for the day .  

Nifty triggered our long trade by opening above our 2nd target and missed our last target by 8 points thereby not giving a change to trade . It then triggered our short trade and completed all our short targets for the day .  Today Nifty had triggered our weekly long at opening but then took our TSL after being unable to break above our levels to stay further long . It then again triggered our weekly short and again completed our initial 3 targets for the week . Nifty is currently trading in an overall range of 8790 - 9020 and it has to now break either side with volumes to give a clear direction Further shorts for the week will get triggered below 8863 and confirmed on sustaining below 8853 . 

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 8840 spot for their positions .

Now for this week Nifty Spot needs to break and sustain above 8977 for long confirmation, then 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' . So far this week Nifty has traded between our initial support zone of 8879 - 8863 and initial resistance zone of 9000 - 9016 .

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 . 

As mentioned previously ' 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 8840 spot for their positions. Those who are holding shorts or those who are intending to go short on further upmove should keep a strict cbsl of 8977 spot for their positions.'  Those who entered shorts based on this would have gained today . 

For today if Nifty spot sustains above 8915 we can see a initial move on the upside till 8930 & on sustaining above 8935 we may see further move till 8963 . Similarly if Nifty spot sustains below 8885 we may see a initial move on the downside till 8869 & on sustaining below 8865 we may see a further move till 8835 . 

Nifty Spot Levels for the day are

Long above 8915 for 8924 - 8935 - 8963 , SL 8895

Short below 8885 for 8876 - 8865 - 8835 , SL 8904

If you want to see the post in your Inbox , kindly register by adding your email id in  the 'Subscribe to my posts' section on the top right side of the blog. Also please give your valuable feedback by selecting the appropriate box at the bottom of the post.

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.