Nifty Spot Outlook for 20th Feb

NIFTY

In the previous session Nifty spot opened at 10636.70 and made a high of 10722.85  ,  it made a low of 10585.65 before closing at 10604.35

Had mentioned that long trade will get triggered for the day on sustaining above 10665 and short trade will get triggered for the day on sustaining below 10615. Nifty initially triggered our long trade and did 60 points and took our TSL . It then reversed and triggered our short trade and completed 2 targets doing 30 points . 

Had mentioned " For this week Nifty needs to break and sustain / close above 10790 to test 10860 - 10875 initially and above it we can see a test of 10935 - 11000 . Similarly Nifty needs to break and sustain / close below 10660 to test 10590 - 10575 initially and below it we can see a test of 10515 - 10450. " , and Nifty had triggered our short trade in the previous session and today completed our initial targets of 10590 - 10575 with a low of 10585.65 giving a good exit .  Fresh shorts can be looked at if Nifty sustains / closes below 10575 now. 

For the month of February , longs in Nifty will get confirmed with a consecutive close above 11010 for a initial target of 11195 - 11245 and sustaining / closing above it we can see a further test of 11405 - 11580 . Similarly , shorts will get confirmed with a consecutive close below  10655 for a initial target of 10465 - 10420 and sustaining / closing below it we can see a further move till 10260 - 10080 . Nifty had given a consecutive close above  11010 confirming our monthly long trade for a initial target of 11195 - 11245 and reversed to take our stoploss as Bank Nifty did not support and the upmove was based on a few index stocks moving up . Today Nifty has confirmed its monthly short trade and we can see a test of 10465 - 10420 on sustaining below it . 

Now in the coming session Nifty needs to break and sustain above 10615 to test 10630 - 10635 initially and sustaining above it we can see a further upmove till 10645 - 10660. Similarly breaking and sustaining below 10590 we can see a test of 10580 - 10575 initially and breaking and sustaining below it we can see a further correction till 10560 - 10550. The target range and stoploss has contracted quite a bit and we can see a bounce soon unless there is a strong unexpected negative news flow.

Nifty needs to break and sustain below 10575 to make a move towards 10465 - 10420 . Breaking and sustaining above 10655 we can see a move again till 10710 - 10740 initially .

Nifty Spot Levels for the day are

Long above 10615 for 10625 - 10635 - 10660 , SL 10605

Short below 10590 for 10585 - 10575 - 10550 , SL 10600

If you want to see the post in your Inbox , kindly register by adding your email id in  the 'Subscribe to my posts' section on the top right side of the blog. Also please give your valuable feedback by selecting the appropriate reactions box at the bottom of the post.

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.