Monday, 27 March 2017

Nifty Spot Outlook for 28th March

NIFTY


Nifty spot  opened  at 9093.45 , made a high of 9094.85 , it then went down till 9024.65 before closing at 9045.20 . Had mentioned that long positions can be taken above 9133 and short positions can be taken below 9083 . 

Nifty triggered our short trade and missed our last target by 21 points still giving around 40 points from the short trade . Nifty had also triggered our weekly short trade and completed 2 targets before recovering . It failed to close below our weekly short confirmation level . We saw buying coming in again near 9020 levels but the bounce back could not sustain at higher levels . As mentioned in the previous post '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  . Today Nifty broke and sustained for a while below 9042 but failed to give a close below it and closed marginally higher by 3 points . We need to note that Bank Nifty has closed way above its weekly short 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 .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 . As mentioned in the previous post '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 '.  Today we saw Nifty make a low of 9024.65 and recover intraday.

For today if Nifty spot sustains above 9064 we can see a initial move on the upside till 9083 & on sustaining above 9088 we may see further move till 9124 . Similarly if Nifty spot sustains below 9027 we may see a initial move on the downside till 9007 & on sustaining below 9002 we may see a further move till 8966 .


Nifty Spot Levels for the day are

Long above 9064 for 9075 - 9088 - 9124 , SL 9039

Short below 9027 for 9015 - 9002 - 8966 , SL 9051

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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.