Thursday, 23 March 2017

Nifty Spot Outlook for 23rd March

NIFTY


Nifty spot  opened  at 9047.20 , made a high of 9072.9 , it then went down till 9019.30 before closing at 9030.45 . Had mentioned that long positions can be taken above 9142 and short positions can be taken below 9101 for the day . 

Nifty triggered our short trade with a gap down and completed all our targets . Nifty had triggered our weekly short trade 2 sessions ago and today corrected 50+ points beyond our last target for the week which was at 9073 . Had been mentioning that those who are long should keep a cbsl of 9071 for their existing positions and once Nifty opened gap down below it today , Nifty was unable to break above it indicating weakness .


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 . Today our  trailing cbsl for long positions entered near 7900 - 8000 has been taken  .  


Now for this week Nifty Spot needs to break and sustain above 9181 for long confirmationthen 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 9019.30 after sustaining below our cbsl levels of 9071 .


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 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 . Today our trailing cbsl has been taken . Nifty may take some support near 8966 - 8933 levels near our monthly long trigger levels in the coming sessions incase we break and sustain below 9006.  

For today if Nifty spot sustains above 9055 we can see a initial move on the upside till 9080 & on sustaining above 9087 we may see further move till 9133 . Similarly if Nifty spot sustains below 9006 we may see a initial move on the downside till 8981 & on sustaining below 8974 we may see a further move till 8928 .


Nifty Spot Levels for the day are

Long above 9055 for 9070 - 9087 - 9133 , SL 9023

Short below 9006 for 8991 - 8974 - 8928 , 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.