Wednesday, 15 March 2017

Nifty Spot Outlook for 16th March

NIFTY


Nifty spot  opened  at 9086.85 , made a low of 9075.50 , it then went up till 9106.55 before closing at 9084.80 . Had mentioned that long positions can be taken above 9125 and short positions can be taken below 9050 for the day . Nifty traded in a narrower range without triggering any trade for the day . 

Nifty had triggered our weekly long trade in the previous session and further up move was to be confirmed above 9120 . Nifty made a high of 9122.75 but could not sustain above 9120 to move up higher . We may see a better move if Nifty now breaks and sustain above 9125 - 9140 zone in the coming session . In the previous session Nifty had broken out of the range of 8790 - 9020 on the upside and has been sustaining it .


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 1200+ points after holding the cbsl of 7895 till now.    Those who are holding longs should move up their cbsl to 8952 spot for their positions .


Now for this week Nifty Spot needs to break and sustain above 9020 for long confirmationthen we can expect a move till 9065 - 9100 initially and closing above 9120 we can expect the next move till 9190 - 9265 . Similarly this week Nifty spot needs to break and sustain below 8898 for short confirmation, then we can expect a move till 8875 - 8859 initially and closing below 8849 we can expect a further move till 8816 - 8780  .  Today Nifty confirmed our weekly longs and further upmove for this week will come on breaking and sustaining above 9120 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 . Nifty has given a consecutive close above our monthly long confirmation level and we should now follow the trailing cbsl mentioned . 

Those who are holding longs or those who are looking to enter fresh longs on a correction should keep a cbsl of 8952 spot for their positions. 

For today if Nifty spot sustains above 9107 we can see a initial move on the upside till 9130 & on sustaining above 9135 we may see further move till 9175 . Similarly if Nifty spot sustains below 9063 we may see a initial move on the downside till 9040 & on sustaining below 9034 we may see a further move till 8990 .


Nifty Spot Levels for the day are

Long above 9107 for 9120 - 9135 - 9175 , SL 9078

Short below 9063 for 9050 - 9034 - 8990 , SL 9092

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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.