Monday 19 February 2018

Nifty Spot Outlook for 20th Feb

NIFTY


Nifty spot opened at 10488.90 , it made a high of 10489.35 , it made a low of 10302.75 , before closing at 10378.40

Had mentioned that long positions for the day can be taken above 104850 and short positions can be taken below 10420 . Nifty triggered our long trade at opening but did not sustain and immediately reversed . Nifty then triggered our short trade for the day and completed all targets for the day giving 100+ points . Now in the coming expiry week Nifty has to sustain / close above 10540 to test 10635 - 10660 initially and above it we can see a move till 10740 - 10830 . Similarly Nifty has to sustain / close below 10360 to test 10270 - 10245 initially and below it we can see a move till 10165 - 10075 . 

Had mentioned in the previous post " Now in the coming session Nifty needs to break and sustain above 10485 to test 10520 - 10530 initially and sustaining above it we can see a further upmove till 10560 - 10595. Similarly breaking and sustaining below 10420 we can see a test of 10385 - 10375 initially and breaking and sustaining below it we can see a further correction till 10345 - 10310 . " , and Nifty could not sustain above 10485 and made a low of 10302.75 just below our next support of the day . 

For the month of February Nifty has triggered our monthly shorts  for a initial target of 10775 - 10745 and breaking and sustaining below it we can see a further test of 10635 - 10515 . Monthly longs will get confirmed with a consecutive close above 11150 for a initial target of 11280 - 11310 and breaking and sustaining above it we can see a further test of 11420 - 11540 . Sustaining below 10515 Nifty can see a retest of 10435 - 10330 zone .As mentioned earlier " For a slightly bigger correction Nifty needs to give a close below 10390 for a test of 10240 - 10200 initially." , and today Nifty has given a close below 10390 and now any bounce till 10550 - 10650 can see shorts being added .

Now in the coming session Nifty needs to break and sustain above 10415 to test 10445 - 10455 initially and sustaining above it we can see a further upmove till 10485 - 10515. Similarly breaking and sustaining below 10345 we can see a test of 10310 - 10300 initially and breaking and sustaining below it we can see a further correction till 10270 - 10240 .


Nifty Spot Levels for the day are

Long above 10415 for 10430 - 10455 - 10515 , SL 10370

Short below 10345 for 10325 - 10300 - 10240 , SL 10390

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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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