Thursday, 16 March 2017

Nifty Spot Outlook for 17th March


Nifty spot  opened  at 9129.65 , made a low of 9128.55 , it then went up till 9158.45 before closing at 9153.70 . Had mentioned that long positions can be taken above 9107 and short positions can be taken below 9063 for the day . 

Nifty opened above our long trigger and missed our last target by 16 points . 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 9158.45 today once it sustained above 9120 . We were expecting a better move once Nifty breaks and sustain above 9125 - 9140 zone and today we have got a close above this range and now holding this range we can see a test of 9200 levels in the coming session . 

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 has closed well above 9120 levels and holding the same we can see a test of 9190 - 9265 levels .

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 8994 spot for their positions. We had initiated longs with a cbsl of 7895 spot in December and have now moved up our trailing cbsl to 8994 spot .

For today if Nifty spot sustains above 9175 we can see a initial move on the upside till 9197 & on sustaining above 9202 we may see further move till 9242 . Similarly if Nifty spot sustains below 9133 we may see a initial move on the downside till 9111 & on sustaining below 9105 we may see a further move till 9065 .

Nifty Spot Levels for the day are

Long above 9175 for 9187 - 9202 - 9242 , SL 9147

Short below 9133 for 9120 - 9105 - 9065 , SL 9160

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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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