Nifty Spot Outlook for 10th March

NIFTY

Nifty spot  opened  at 8914.50 and made a low of 8899.50 , then went up till 8945.80 before closing at 8927 . Had mentioned that long positions can be taken above 8939 and short positions can be taken below 8909 for the day .  

Nifty initially triggered our short trade and completed just 1 target and took our TSL . Nifty then triggered our long trade but did not complete any target . Nifty had also triggered our weekly long in the previous session and completed our initial 3 targets . Had mentioned that ' Further upmove will come on breaking and sustaining above 8975 - 8986 zone now ' and Nifty was today unable to break above this zone .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 .

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 8850 spot for their positions .

Now for this week Nifty Spot needs to break and sustain above 8935 for long confirmation, then we can expect a move till 8959 - 8975 initially and closing above 8986 we can expect the next move till 9020 - 9058 . Similarly this week Nifty spot needs to break and sustain below 8860 for short confirmation, then we can expect a move till 8836 - 8820 initially and closing below 8810 we can expect a further move till 8775 - 8737  .  Further upmove for this week will come on breaking and sustaining above 8986 now. 

We are awaiting the election results and entering a long weekend too , so it is advisable to trade light or sit on the sides for these events to play out. 

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 . This month so far Nifty has been unable to give a close either below or above our monthly confirmation levels .

Those who are holding longs should keep a cbsl of 8850 spot for their positions. Those who are holding shorts should keep a cbsl of 9020 spot for their positions.' 

For today if Nifty spot sustains above 8942 we can see a initial move on the upside till 8958 & on sustaining above 8962 we may see further move till 8990 . Similarly if Nifty spot sustains below 8912 we may see a initial move on the downside till 8896 & on sustaining below 8892 we may see a further move till 8864 .

Nifty Spot Levels for the day are

Long above 8942 for 8951 - 8962 - 8990 , SL 8922

Short below 8912 for 8903 - 8892 - 8864 , SL 8932

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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.