Weekly Spot Outlook of Nifty for 20th to 24th March

NIFTY

This week Nifty spot went up 284 points over last weeks close and finally ended the week with a gain of 226 points compared to last weekly closing.

As per levels given for the previous week Nifty Spot needed to break and sustain above 9020 to confirm uptrend and Nifty spot needed to break and sustain below 8898 to confirm downtrend for the week. Nifty made a high of 9218.40 and a low of 9060.50 for the week.

This week Nifty triggered our long trade and opened above our 3rd initial target . It went up further and completed our 2 next targets giving us nearly 160 points still inspite of the gap up opening on Tuesday .  Had mentioned in the previous weekly post that ' Now Nifty needs to sustain above 9020 this week for the up move to continue till 9267 with resistance near 9100 - 9120 levels . Breaking and sustaining below 8998 we can see a down move till 8780 with support near 8859 - 8849 levels.' Nifty made a high of 9218.40 and has closed above our weekly resistance levels . 

Have been mentioning since November in the weekly posts 'Those who are holding positional longs or those who are looking to enter on dips should keep a strict CBSL of 7895 for their positions.' . We saw Nifty make a low of 7893.80 in the last week of December and reverse by around 1300+ points till now. Those who are still holding their longs should move their trailing cbsl to 9071 spot now .

For the month of March we can expect uptrend in Nifty Spot on a consecutive close above 8966 and downtrend in Nifty spot on a consecutive close below 8793 . Had mentioned last month 'For the month of February we can expect uptrend in Nifty spot on a consecutive close above 8696 and downtrend in Nifty spot on a consecutive close below 8427' and we got a move of nearly 200 points once it closed above 8696 in February. For this month too Nifty has given a further move of 250 point after giving a consecutive close above 8966 till now . 

Those who are holding positional longs or those who are looking to enter fresh longs on any corrections this week should keep a cbsl of 9071 spot for their positions. 

In the coming week Nifty spot needs to break and sustain above 9181 to confirm uptrend and then one can expect a move till 9203 initially and breaking and sustaining above 9208 will give further confirmation for the next move which can take us up till 9248. Similarly Nifty spot needs to break and sustain below 9139 to confirm downtrend and then one can expect a move till 9117 initially and breaking and sustaining below 9112 will give further confirmation for the next move which can take us down till 9072 . 

Nifty Spot Levels for the week are

Long above 9173 , Tgt  9181 - 9187 - 9194

IF Nifty spot manages to get a close / sustain above 9203 then ,

long again for 9208 - 9227 - 9248

Short below 9147 , Tgt 9139 - 9133 - 9127

IF Nifty spot manages to get a close / sustain below 9117 then, 

short again for 9112 - 9093 - 9072

P.S. Always wait for the yellow highlighted levels to be crossed after taking a long/short position for confirmation of the trade . Once the highlighted levels are crossed and the next target is achieved move your Stoploss to the highlighted levels .

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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.