Nifty Spot Outlook for 21st February

NIFTY

Nifty spot  opened  at 8818.55 and made a low of 8809.80 , went up till 8886.25 before closing at 8879.20 . Had mentioned that long positions can be taken above 8835 and short positions can be taken below 8808 for the day .  

Nifty triggered our long trade and completed all our targets for the day . On Nifty breaking above 8855 we were expecting resistance near our initial weekly resistance level of 8892 - 8919 and Nifty took resistance in that range .

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 900+ 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 8737 spot for their positions .

Now for this week Nifty Spot needs to break and sustain above 8857 for long confirmation, then we can expect a move till 8879 - 8895 initially and closing above 8904 we can expect the next move till 8937 - 8972 . Similarly this week Nifty spot needs to break and sustain below 8786 for short confirmation, then we can expect a move till 8764 - 8749 initially and closing below 8739 we can expect a further move till 8707 - 8671' . Today Nifty sustained above 8857 and we saw a move till 8879 - 8895 levels . Now Nifty needs to hold these levels and break above 8905 to test 8937 - 8972 levels next.

For the month of February we can expect uptrend in Nifty spot on a consecutive closing above 8696 and downtrend on a consecutive closing below 8427 . In January had mentioned 8329 closing as the long confirmation level for Nifty and we saw a move of 340+ points after Nifty gave a consecutive close above the monthly long confirmation level . This month so far we have got a further move of 200 points after Nifty has closed above our long confirmation level.

Have been mentioning in the previous posts too 'Nifty is now near a resistance zone of 8780 - 8840 and has been taking resistance there. Nifty needs to break this zone and sustain above 8875 for a further up move. Incase Nifty is unable to break and sustain this range then we may see a correction from near 8840 - 8875 levels till 8650 - 8550 levels . 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 8737 spot for their positions. Nifty today closed well above 8840 and also above 8875 indicating strength and holding these levels we can see a test of 8937 - 8972 levels . 

For today if Nifty spot sustains above 8893 we can see a initial move on the upside till 8908 & on sustaining above 8912 we may see further move till 8939 . Similarly if Nifty spot sustains below 8865 we may see a initial move on the downside till 8850 & on sustaining below 8847 we may see a further move till 8820 .. 

Nifty Spot Levels for the day are

Long above 8893 for 8902 - 8912 - 8939 , SL 8875

Short below 8865 for 8857 - 8847 - 8820 , 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.