Monday, 30 March 2020

Nifty Spot Outlook for 31st Mar

In the previous session : 

Nifty went down by 416 points before closing lower by 379 points on Monday as compared to the previous day's close.

Nifty had made a life time high of 12430.50 on 20th January and again failed to give a strong close above its congestion zone of 12300 - 12375 for the upward momentum to continue and we saw a correction till 7511.10 now . 

On 30th Mar :

Nifty triggered our short trade and did 215 points. 

For 31st Mar  :

Sustaining above 8475 enter for 8595 - 8735 - 9105 , SL 8340

Sustaining below 8085 enter for 7965 - 7830 - 7460 , SL 8220

Nifty broke below multiple supports back to back and has so far made a low of 7511.10 on the back of selling in all global indexes . 

Nifty broke above 8380 - 8440 zone and we saw most of our targets till 9080 - 9160 being done with a high of 9038.90 on Friday. 

Now Nifty sustaining below 8330 - 8460 in the coming session can it towards 8130 - 7810 

How to use these levels 

  • Enter on sustaining above/below the levels mentioned and look to book partly/fully once at the 2nd target as its placed at the resistance / support . Re-enter if price sustains above / below the 2nd target with a trailing stoploss of the entry levels. 

For this month :
  • Nifty longs will get confirmed with a consecutive close above 11505 for a initial target of 11825 - 11905 and sustaining / closing above 11905 we can see a further move till 12185 - 12485.  
  • Nifty shorts will get confirmed with a consecutive close below 10895 for  a initial target of 10575 - 10495 and sustaining / closing below 11495 we can see a further move till 10220 - 9920 . 
Nifty has confirmed its shorts and completed all targets and exceeded it doing 3200+ points correction till now. 

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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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