Sunday, 19 March 2017

Nifty Spot Outlook for 20th March


Nifty spot  opened  at 9207.80 , made a high of 9218.40 , it then went down till 9147.60 before closing at 9160.05 . Had mentioned that long positions can be taken above 9175 and short positions can be taken below 9133 for the day . 

Nifty opened above our 2nd target for the long trade and did not give any chance to enter the trade . It then traded sideways for the rest of the session between our short and long trigger levels .  Nifty had triggered our weekly long trade and further up move was to be confirmed above 9120 . Nifty made a high of 9218.40 today with a gap up opening and only those who had carried longs got to gain from the move . Had mentioned in the previous post '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'  and we saw 9200 broken with a gap up opening.. 

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 1300+ points after holding the cbsl of 7895 till now.    Those who are holding longs should move up their cbsl to 8994 spot for their positions .

Now for this week Nifty Spot needs to break and sustain above 9215 for long confirmationthen we can expect a move till 9249 - 9273 initially and closing above 9287 we can expect the next move till 9337 - 9392 . Similarly this week Nifty spot needs to break and sustain below 9105 for short confirmation, then we can expect a move till 9071 - 9047 initially and closing below 9033 we can expect a further move till 8983 - 8928  .  In the previous week we were expecting a test of 9190 - 9265 levels on sustaining / closing above 9120 levels and we saw Nifty make a new lifetime high of 9218.40 . 

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 .This month too till now Nifty has given a move of nearly 250+ points after sustaining / closing above our monthly long confirmation level. Those who are holding long positions 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 9071 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 9071 spot .

For today if Nifty spot sustains above 9181 we can see a initial move on the upside till 9203 & on sustaining above 9208 we may see further move till 9248 . Similarly if Nifty spot sustains below 9139 we may see a initial move on the downside till 9117 & on sustaining below 9112 we may see a further move till 9072 .

Nifty Spot Levels for the day are

Long above 9181 for 9194 - 9208 - 9248 , SL 9154

Short below 9139 for 9127 - 9112 - 9072 , SL 9166

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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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