Nifty Spot Outlook for 07th Mar

NIFTY

In the previous session Nifty spot opened at 11024.85 , made a low of 10998.85 , it made a high of 11062.30 before closing at 11053

Had mentioned that long trade will get triggered for the day on sustaining above 11010 and short trade will get triggered for the day on sustaining below 10960. Nifty triggered our long trade and did 50 points . 

As mentioned over the weekend :-

For the coming week :

Those who are looking to enter fresh longs should wait for Nifty to sustain / close above 10925 and then enter for a initial target of 10990 - 11005 and look to hold further only on sustaining or getting a close above 11005 for the next targets of 11060 - 11120. 

&

Those who are looking to enter fresh short should wait for Nifty to sustain / close below 10800 and then enter for a initial target of 10740 - 10725 and look to hold further only on sustaining or getting a close below 10725 for the next targets of 10665 - 10605. 

Nifty has today made a high of 11062.30 reaching our next targets of 11060 - 11120 after giving a long signal above 10900 in the past 2 sessions giving 150 points from the weekly long trade .

Now Nifty has immediate resistance at 11115 - 11125 in the coming session which it needs to break and sustain above for a further upmove towards 11175 - 11240 . Incase Nifty takes resistance near 11115 - 11125 then we see a correction towards 11035 - 11025 initially and on a stronger selling pressure further towards  10985 - 10965 where fresh longs can be looked at with a cbsl of 10925.

Also as mentioned " For the month of March , longs in Nifty will get confirmed with a consecutive close above 10930 for a initial target of 11075 - 11115 and sustaining / closing above it we can see a further test of 11240 - 11380 . Similarly , shorts will get confirmed with a consecutive close below  10655 for a initial target of 10510 - 10470 and sustaining / closing below it we can see a further move till 10345 - 10205 . " , and Nifty has confirmed our monthly longs and we can see a test of 11075 - 11115 initally . 

Now in the coming session Nifty needs to break and sustain above 11075 to test 11095 - 11105 initially and sustaining above it we can see a further upmove till 11125 - 11145. Similarly breaking and sustaining below 11030 we can see a test of 11010 - 11000 initially and breaking and sustaining below it we can see a further correction till 10985 - 10965.

Nifty Spot Levels for the day are

Long above 11075 for 11090 - 11105 - 11145 , SL 11060

Short below 11030 for 11020 - 11000 - 10965 , SL 11045

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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.