Sunday, 26 March 2017

Weekly Spot Outlook of Nifty for 27th to 31st March

NIFTY

This week Nifty spot went up 7 points over last weeks close and went down 141 points and finally ended the week with a loss of 52 points compared to last weekly closing.


As per levels given for the previous week Nifty Spot needed to break and sustain above 9173 to confirm uptrend and Nifty spot needed to break and sustain below 9147 to confirm downtrend for the week. Nifty made a high of 9167.60 and a low of 9019.30 for the week.


This week Nifty triggered our short trade and completed all our targets on the short side and exceeded it by 50 points .  Had mentioned in the previous weekly post that ' Now Nifty needs to sustain above 9181 this week for the up move to continue till 9267 with resistance near 9203 - 9208 levels Breaking and sustaining below 9139 we can see a down move till 9072 with support near 9117 - 9112 levels.' 


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 1300+ points till now. Had also mentioned that 'Those who are still holding their longs should move their trailing cbsl to 9071 spot now ' and we saw Nifty take our TSL this week and give a further correction of 50 points before bouncing back .


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. For this month too Nifty has given a further move of 250 point after giving a consecutive close above 8966 till now . We are entering the expiry week for March series and it would be interesting to see where we close this week. 


In the coming week Nifty spot needs to break and sustain above 9174 to confirm uptrend and then one can expect a move till 9244 initially and breaking and sustaining above 9261 will give further confirmation for the next move which can take us up till 9387. Similarly Nifty spot needs to break and sustain below 9042 to confirm downtrend and then one can expect a move till 8973 initially and breaking and sustaining below 8955 will give further confirmation for the next move which can take us down till 8829 . 


Nifty Spot Levels for the week are

Long above 9149 , Tgt  9174 - 9194 - 9215

IF Nifty spot manages to get a close / sustain above 9244 then ,

long again for 9261 - 9321 - 9387

Short below 9067 , Tgt 9042 - 9022 - 9001

IF Nifty spot manages to get a close / sustain below 8973 then, 

short again for 8955 - 8895 - 8829


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.