Wednesday, 27 February 2019

Nifty Spot Outlook for 28th Feb

NIFTY


In the previous session Nifty spot opened at 10881.20 and made a high of 10939.70  ,  it made a low of 10751.20 before closing at 10806.65

Had mentioned that long trade will get triggered for the day on sustaining above 10860 and short trade will get triggered for the day on sustaining below 10810. Nifty triggered our long trade initially with a small gap up and did 50 points . Post that based on the news flow it began correcting and triggered our short trade and 60 points on the downside .

Had mentioned " For this week Nifty needs to break and sustain / close above 10855 to test 10925 - 10940 initially and above it we can see a test of 10995 - 11060 . Similarly Nifty needs to break and sustain / close below 10725 to test 10660 - 10645 initially and below it we can see a test of 10585 - 10525. " , and Nifty had triggered our weekly long trade and today it completed our initial targets of 10925 - 10940 with a high of 10939.70 giving a good exit to longs . Post that Nifty corrected by 190 points intraday but recovered a bit towards the end to close just 28 points below the previous day . 

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 but reversed to take our stoploss as Bank Nifty did not support and the upmove was based on a few index stocks moving up . Nifty then confirmed its monthly short trade early last week but again bounced to take our stoploss .

Now in the coming session Nifty needs to break and sustain above 10835 to test 10860 - 10865 initially and sustaining above it we can see a further upmove till 10890 - 10915. Similarly breaking and sustaining below 10780 we can see a test of 10755 - 10745 initially and breaking and sustaining below it we can see a further correction till 10725 - 10700.

Nifty needs to now sustain above 10855 to make a move towards 10925 - 10940  . Breaking and sustaining below 10745 we can see a move again till 10660 - 10645 again .



Nifty Spot Levels for the day are

Long above 10835 for 10850 - 10865 - 10915 , SL 10815

Short below 10780 for 10765 - 10745 - 10700 , SL 10800

Expected Expiry Range is 

Upper End - 10914

Lower End - 10700


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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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