Thursday, 21 February 2019

Nifty Spot Outlook for 22nd Feb

NIFTY


In the previous session Nifty spot opened at 10744.10 and made a low of 10721.50  ,  it made a high of 10808.85 before closing at 10789.85

Had mentioned that long trade will get triggered for the day on sustaining above 10760 and short trade will get triggered for the day on sustaining below 10710. Nifty triggered our long trade and did 40 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 . Today Nifty has closed just borderline at our weekly long trigger level and it needs to sustain above 10790 to make a move towards the initial weekly long targets.

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 . Nifty had confirmed its monthly short trade and we could see a test of 10465 - 10420 on sustaining below it but Nifty could not sustain and we saw a bounce in the last 2 sessions .

Now in the coming session Nifty needs to break and sustain above 10815 to test 10840 - 10845 initially and sustaining above it we can see a further upmove till 10870 - 10895. Similarly breaking and sustaining below 10765 we can see a test of 10740 - 10735 initially and breaking and sustaining below it we can see a further correction till 10710 - 10685. Had mentioned 2 days ago that the target range had contracted and we can see a bounce and  we got a good bounce of 200 points in the past 2 sessions. 

Nifty needs to sustain above 10775 to make a move towards 10815 - 10830 . Breaking and sustaining below 10740 we can see a move again till 10680 - 10650 initially .



Nifty Spot Levels for the day are

Long above 10815 for 10830 - 10845 - 10895 , SL 10795

Short below 10765 for 10750 - 10735 - 10685 , SL 10785


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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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