Nifty Spot Outlook for 23rd February

NIFTY

Nifty spot  opened  at 8931.60 and made a high of 8960.75 , went down till 8905.25 before closing at 8926.90 . Had mentioned that long positions can be taken above 8922 and short positions can be taken below 8894 for the day .  

Nifty initially triggered our long trade and missed our last target by 7 points . Nifty also missed our last long weekly target by 10 points . So far it has given 120 points in the weekly long trade . It has also closed above the weekly resistance levels of 8892 - 8919 and holding these levels we can see a 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 8798 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' . In the previous session Nifty had closed above 8904 and today we saw it test 8937 - 8972 levels with a high of 8960.75 for the day . 

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 250+ points after Nifty has closed above our long confirmation level.

Had mentioned in the previous post ' Nifty has closed well above 8875 indicating strength and holding these levels we can see a test of 8937 - 8972 levels ' which was done today. 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 8798 spot for their positions. 

For today if Nifty spot sustains above 8941 we can see a initial move on the upside till 8956 & on sustaining above 8960 we may see further move till 8987 . Similarly if Nifty spot sustains below 8913 we may see a initial move on the downside till 8898 & on sustaining below 8894 we may see a further move till 8867 . 

Nifty Spot Levels for the day are

Long above 8941 for 8950 - 8960 - 8987 , SL 8923

Short below 8913 for 8904 - 8894 - 8867 , SL 8931

We have February series expiry today and the expected expiry range is as follows

Upper End - 8991 

Lower End - 8863

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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.