Tuesday, 7 March 2017

Nifty Spot Outlook for 08th March


Nifty spot  opened  at 8977.75 and made a high of 8977.85, then went down till 8932.80 before closing at 8946.90 . Had mentioned that long positions can be taken above 8978 and short positions can be taken below 8949 for the day .  

Nifty triggered our short trade and missed our 2nd target by 3 points and took our TSL . Nifty had also triggered our weekly long in the previous session and completed our initial 3 targets . Had mentioned that ' Further upmove will come on breaking and sustaining above 8975 - 8986 zone now ' and Nifty was today unable to break above this zone .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  . In the previous session Nifty broke above 8935 and today at opening tested our initial target of 8959 - 8975 with a high of 8977 . Further upmove for this week will come on breaking and sustaining above 8986 now .

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 8962 we can see a initial move on the upside till 8978 & on sustaining above 8982 we may see further move till 9010 . Similarly if Nifty spot sustains below 8932 we may see a initial move on the downside till 8916 & on sustaining below 8912 we may see a further move till 8884 .

Nifty Spot Levels for the day are

Long above 8962 for 8971 - 8982 - 9010 , SL 8942

Short below 8932 for 8923 - 8912 - 8884 , SL 8952

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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.