Tuesday, 28 February 2017

Nifty Spot Outlook for 01st March


Nifty spot  opened  at 8898.95 and made a high of 8914.75 went down till 8867.60 before closing at 8879.60 . Had mentioned that long positions can be taken above 8912 and short positions can be taken below 8881 for the day .  

Nifty initially triggered our long trade after opening but took our SL without achieving any target . It then went down and triggered our short trade and completed just 1 target for the day . Nifty had in the previous session triggered our weekly shorts and nearly completed our initial 3 targets . Further shorts was to get triggered below 8863 and confirmed on sustaining below 8853 which did not happen today . As mentioned previously too  'Now Nifty needs to give a close above 9016 this week for further upmove' . 

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 8830 spot for their positions .

Now for this week Nifty Spot needs to break and sustain above 8977 for long confirmationthen 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' . Today we saw Nifty make a low of 8867.60 after breaking and sustaining below 8902 but if failed to break below 8863 - 8853 zone to confirm further shorts,

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 . 

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 8830 spot for their positions. Those who holding shorts or those who are intending to go short on further upmove should keep a strict cbsl of 9016 spot for their positions.

For today if Nifty spot sustains above 8895 we can see a initial move on the upside till 8912 & on sustaining above 8916 we may see further move till 8947 . Similarly if Nifty spot sustains below 8863 we may see a initial move on the downside till 8847 & on sustaining below 8843 we may see a further move till 8812 . 

Nifty Spot Levels for the day are

Long above 8895 for 8905 - 8916 - 8947 , SL 8875

Short below 8864 for 8854 - 8843 - 8812 , SL 8884

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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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