Nifty Spot Outlook for 22nd February

NIFTY

Nifty spot  opened  at 8890.75 and made a low of 8860.95 , went up till 8920.80 before closing at 8907.85 . Had mentioned that long positions can be taken above 8893 and short positions can be taken below 8865 for the day .  

Nifty initially triggered our daily short trade but did not complete any targets . The low for the day was near the weekly long confirmation level and Nifty held the weekly long levels and reversed . Nifty then triggered our long trade for the day and completed 2 targets . Nifty also completed 4 long targets for the week and closed above 8904 which is our weekly level for further upside and it is also within the weekly resistance levels near 8892 - 8919 which was tested today .  Nifty will need to sustain above this range 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 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 8754 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 again Nifty sustained above 8857 and we saw Nifty break and close above 8905 which can show a test of 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.

Had 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 8754 spot for their positions. Nifty has closed  well above 8875 indicating strength and holding these levels we can see a test of 8937 - 8972 levels . 

For today if Nifty spot sustains above 8922 we can see a initial move on the upside till 8937 & on sustaining above 8941 we may see further move till 8968 . Similarly if Nifty spot sustains below 8894 we may see a initial move on the downside till 8879 & on sustaining below 8875 we may see a further move till 8848 . 

Nifty Spot Levels for the day are

Long above 8922 for 8931 - 8941 - 8968 , SL 8904

Short below 8894 for 8885 - 8875 - 8848 , SL 8912

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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.