Sunday, 26 March 2017

Nifty Spot Outlook for 27th March


Nifty spot  opened  at 9104 , made a high of 9133.55 , it then went down till 9089.40 before closing at 9108 . Had missed posting the daily levels for Friday due to connectivity issues. 

Nifty had triggered our weekly short trade last week and corrected nearly 100 points. We saw buying coming in at lower levels which enabled Nifty to close above 9100 for the week. Though we saw our trailing cbsl being taken last week , we need to remember that we are still above our long confirmation levels for this month of 8966 and the trailing cbsl was for the positions which were built at much lower levels 

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 . We saw last week that our  trailing cbsl for long positions entered near 7900 - 8000 has been taken  .  We are still above our long confirmation levels of 8966 for this month and the cbsl for the fresh positions taken on closing above our long confirmation levels is 8906 . As long as we are holding it we can look to buy the dips.

Now for this week Nifty Spot needs to break and sustain above 9174 for long confirmationthen we can expect a move till 9215 - 9244 initially and closing above 9261 we can expect the next move till 9321 - 9387 . Similarly this week Nifty spot needs to break and sustain below 9042 for short confirmation, then we can expect a move till 9001 - 8972 initially and closing below 8955 we can expect a further move till 8895 - 8829  . 

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. We are entering the expiry week for March series and we can expect some swings and it would also be interesting to see where we close the month to understand the next moves.

Those who now looking to enter fresh longs on a correction should keep a cbsl of 8906 spot for their positions. 

We had initiated longs with a cbsl of 7895 spot in December and had moved up our trailing cbsl to 9071 spot which has been taken last week .  Though our trailing cbsl is taken we are still above our monthly long confirmation levels and 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 9133 we can see a initial move on the upside till 9159 & on sustaining above 9166 we may see further move till 9213 . Similarly if Nifty spot sustains below 9083 we may see a initial move on the downside till 9057 & on sustaining below 9050 we may see a further move till 9003 .

Nifty Spot Levels for the day are

Long above 9133 for 9148 - 9166 - 9213 , SL 9100

Short below 9083 for 9068 - 9050 - 9003 , SL 9116

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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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