Nifty Spot Outlook for 22nd March

NIFTY

Nifty spot  opened  at 9133.95 , made a high of 9147.75 , it then went down till 9087.20 before closing at 9121.50 . Had mentioned that long positions can be taken above 9148 and short positions can be taken below 9106 for the day . 

Nifty triggered our short trade and missed our 2nd target by 8 points .  Nifty had triggered our weekly short trade in the previous session and our last target is pending which was missed by 14 points today . Had mentioned in the previous post that Nifty has completed our initial 3 targets on the short side and further down move was to be confirmed below 9112 and it was done todya . Today we saw Bank Nifty also confirm its weekly short trade which it had not done in the previous session and Bank Nifty also completed its initial 3 targets for the week today . 

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 9071 spot for their positions .

Now for this week Nifty Spot needs to break and sustain above 9181 for long confirmation, then we can expect a move till 9194 - 9203 initially and closing above 9208 we can expect the next move till 9227 - 9248 . Similarly this week Nifty spot needs to break and sustain below 9139 for short confirmation, then we can expect a move till 9127 - 9117 initially and closing below 9112 we can expect a further move till 9093 - 9073  . Today Nifty made a low of 9087 after triggering  our weekly short trade in the previous session .

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 9142 we can see a initial move on the upside till 9164 & on sustaining above 9170 we may see further move till 9210 . Similarly if Nifty spot sustains below 9101 we may see a initial move on the downside till 9079 & on sustaining below 9073 we may see a further move till 9033 .

Nifty Spot Levels for the day are

Long above 9142 for 9155 - 9170 - 9210 , SL 9115

Short below 9101 for 9088 - 9073 - 9033 , SL 9128

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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.