Weekly Spot Outlook of Nifty for 06th to 10th March

NIFTY

This week Nifty spot went up 53 points over last weeks close , then went down by 79 points and finally ended the week with a loss of 42 points compared to last weekly closing.

As per levels given for the previous week Nifty Spot needed to break and sustain above 8977 to confirm uptrend and Nifty spot needed to break and sustain below 8902 to confirm downtrend for the week. Nifty made a high of 8992.50 and a low of 8860.10 for the week.

This week Nifty initially triggered our short trade and completed 3 targets on the short side giving us nearly 50 points . Further shorts were to be confirmed on breaking and sustaining below 8853 which it failed to do and took our TSL . Nifty then reversed and went up to trigger our long trade and did 1 target and took our TSL as it failed to sustain or close above the long trigger level .  Nifty then triggered our short trade again and completed 3 targets again giving us nearly 50 points from the short trade . Nifty again failed to break below 8853 below which further shorts would have got confirmed and again reversed to take our TSL .   Had mentioned in the previous weekly post that ' Now Nifty needs to sustain above 8977 this week for the up move to continue till 9098 with resistance near 9016 - 9026 levels . Breaking and sustaining below 8902 this week we can see a down move till 8781 with support near 8863 - 8853 levels.' , Nifty broke below 8902 twice in the week and both times took support near 8863 - 8853 levels and bounced back.

Have been mentioning since November in the weekly posts 'Those who are holding positional longs or those who are looking to enter on dips should keep a strict CBSL of 7895 for their positions.' . We saw Nifty make a low of 7893.80 in the last week of December and reverse by around 1050+ points till now with Fridays high . Now Nifty needs to sustain above 8935 this week for the up move to continue till 9058 with resistance near 8975 - 8986 levels . Breaking and sustaining below 8860 this week we can see a down move till 8737 with support near 8820 - 8810 levels. 

For the month of March we can expect uptrend in Nifty Spot on a consecutive close above 8966 and downtrend in Nifty spot on a consecutive close below 8793 . Had mentioned last month 'For the month of February we can expect uptrend in Nifty spot on a consecutive close above 8696 and downtrend in Nifty spot on a consecutive close below 8427' and we got a move of nearly 200 points once it closed above 8696 in February. 

Those who are holding positional longs or those who are looking to enter fresh longs on any corrections this week should keep a cbsl of 8840 spot for their positions. 

In the coming week Nifty spot needs to break and sustain above 8935 to confirm uptrend and then one can expect a move till 8975 initially and breaking and sustaining above 8986 will give further confirmation for the next move which can take us up till 9058. Similarly Nifty spot needs to break and sustain below 8860 to confirm downtrend and then one can expect a move till 8820 initially and breaking and sustaining below 8810 will give further confirmation for the next move which can take us down till 8737 . 

Nifty Spot Levels for the week are

Long above 8921 , Tgt  8935 - 8947 - 8959

IF Nifty spot manages to get a close / sustain above 8975 then ,

long again for 8986 - 9020 - 9058

Short below 8874 , Tgt 8860 - 8848 - 8836

IF Nifty spot manages to get a close / sustain below 8820 then, 

short again for 8810 - 8775 - 8737

P.S. Always wait for the yellow highlighted levels to be crossed after taking a long/short position for confirmation of the trade . Once the highlighted levels are crossed and the next target is achieved move your Stoploss to the highlighted levels .

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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.