Monday, 27 February 2017

Nifty Spot Outlook for 28th February

NIFTY


Nifty spot  opened  at 8943.70 and made a high of 8951.80 went down till 8888.65 before closing at 8896.70 . Had mentioned that long positions can be taken above 8954 and short positions can be taken below 8925 for the day .  

Nifty triggered our short trade and missed our last target by 9 points . Nifty also triggered our weekly shorts and nearly completed our initial 3 targets . Further shorts will get triggered on sustaining below 8853 . As mentioned in the previous post '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 8888.65 after breaking and sustaining below 8902.


Had been mentioning since the beginning of the month ' 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 275+ points after Nifty has closed above our 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 8912 we can see a initial move on the upside till 8929 & on sustaining above 8933 we may see further move till 8963 . Similarly if Nifty spot sustains below 8881 we may see a initial move on the downside till 8864 & on sustaining below 8860 we may see a further move till 8830 . 


Nifty Spot Levels for the day are

Long above 8912 for 8922 - 8933 - 8963 , SL 8892

Short below 8881 for 8871 - 8860 - 8830 , SL 8902

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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.