Monday, 6 March 2017

Nifty Spot Outlook for 07th March


Nifty spot  opened  at 8915.10 and made a low of 8914, then went up till 8967.80 before closing at 8963.45 . Had mentioned that long positions can be taken above 8912 and short positions can be taken below 8883 for the day .  

Nifty triggered our long and completed all targets for the day giving nearly 50 points . Nifty also closed triggered our weekly long and completed our initial 3 targets . Further upmove will come on breaking and sustaining above 8975 - 8986 zone now . Nifty is currently trading in an overall range of 8790 - 9020 and it has to now break either side with volumes to give a clear direction .

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 8840 spot for their positions .

Now for this week Nifty Spot needs to break and sustain above 8935 for long confirmationthen we can expect a move till 8959 - 8975 initially and closing above 8986 we can expect the next move till 9020 - 9058 . Similarly this week Nifty spot needs to break and sustain below 8860 for short confirmation, then we can expect a move till 8836 - 8820 initially and closing below 8810 we can expect a further move till 8775 - 8737  . Today Nifty broke above 8935 and made a high of 8967.80 which is within our initial target of 8959 - 8975 and also closed within it.

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 . 

As mentioned previously ' Those who are holding longs should keep a cbsl of 8840 spot for their positions. Those who are holding shorts should keep a cbsl of 9020 spot for their positions.'  

For today if Nifty spot sustains above 8978 we can see a initial move on the upside till 8994 & on sustaining above 8998 we may see further move till 9027 . Similarly if Nifty spot sustains below 8949 we may see a initial move on the downside till 8933 & on sustaining below 8929 we may see a further move till 8900 . 

Nifty Spot Levels for the day are

Long above 8978 for 8988 - 8998 - 9027 , SL 8959

Short below 8949 for 8939 - 8929 - 8900 , SL 8968

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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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