Nifty Spot Outlook for 07th Mar

NIFTY

Nifty spot opened at 10420.50 , it made a high of 10441.35 , it made a low of 10215.90 , before closing at 10249.25

Had mentioned that long positions for the day can be taken above 10385 and short positions can be taken below 10335 . Nifty triggered our long trade by opening above our 2nd target for the day and missed our last target . It then triggered the short trade for the day and completed all short targets for the day giving around 80+ points . As mentioned in the previous post " Now in this week Nifty has to sustain / close above 10520 to test 10585 - 10600 initially and above it we can see a move till 10655 - 10720 . Similarly Nifty has to sustain / close below 10395 to test 10335 - 10315 initially and below it we can see a move till 10260 - 10200  ." and Nifty today made a low 10215.90 near the lower end of our next support zone for the week after triggering our weekly short trade in the previous session .  

Had mentioned in the previous post " Now in the coming session Nifty needs to break and sustain above 10385 to test 10410 - 10415 initially and sustaining above it we can see a further upmove till 10440 - 10465. Similarly breaking and sustaining below 10335 we can see a test of 10310 - 10305 initially and breaking and sustaining below it we can see a further correction till 10280 - 10255. " , and Nifty first made a high of 10441.35 at our initial resistance zone and then reversed to make a low of 10215.95  well below our next support zone and closed marginally below it .

Now for the month of March ,Nifty longs will get confirmed with a consecutive close above 10635 for a initial target of 10780 - 10820 and sustaining / closing above it we can see a further test of 10950 - 11090 . Similarly , shorts will get confirmed with a consecutive close below  10350 for a initial target of 10205 - 10165 and sustaining / closing below it we can see a further test of 10040 - 9900 . Nifty has given a close today below 10350 and also nearly tested the initial target with a low of 10215.90 , and now we need to see a break of 10205 - 10165 to see further correction till the next targets .

Now in the coming session Nifty needs to break and sustain above 10280 to test 10305 - 10315 initially and sustaining above it we can see a further upmove till 10340 - 10365. Similarly breaking and sustaining below 10220 we can see a test of 10195 - 10185 initially and breaking and sustaining below it we can see a further correction till 10160 - 10135.

Nifty Spot Levels for the day are

Long above 10280 for 10295 - 10315 - 10365 , SL 10240

Short below 10220 for 10205 - 10185 - 10135 , SL 10260

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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.