Thursday, 21 March 2019

Nifty Spot Outlook for 22nd Mar

NIFTY


In the previous session Nifty spot opened at 11553.35 made a high of 11556.10 , it made a low of 11503.10 before closing at 11521.05

Had mentioned that long trade will get triggered for the day on sustaining above 11555 and short trade will get triggered for the day on sustaining below 11510. Nifty traded mostly between our long and short trade levels being unable to sustain beyond either levels indicating a bit of indecisiveness. 

For the coming week :

Those who are looking to enter fresh longs should wait for Nifty to sustain / close above 11485 and then enter for a initial target of 11550 - 11565 and look to hold further only on sustaining or getting a close above 11565 for the next targets of 11615 - 11675. 

&

Those who are looking to enter fresh short should wait for Nifty to sustain / close below 11365 and then enter for a initial target of 11305 - 11290 and look to hold further only on sustaining or getting a close below 10900 for the next targets of 11235 - 11175. 

Nifty triggered our long trade and tested our initial targets of 11550 - 11565 with a high of 11556.10 

Nifty has immediate resistance at 11495 - 11585 zone now where it can take a pause in this upmove .

Nifty has immediate support near 11170 - 11050 and it needs to hold these for the upmove to resume incase of a correction.


Also as mentioned " For the month of March , longs in Nifty will get confirmed with a consecutive close above 10930 for a initial target of 11075 - 11115 and sustaining / closing above it we can see a further test of 11240 - 11380 . Similarly , shorts will get confirmed with a consecutive close below  10655 for a initial target of 10510 - 10470 and sustaining / closing below it we can see a further move till 10345 - 10205 . " , and Nifty had confirmed our monthly longs and has made a high of 11556.10 completing our next targets of 11240 - 11380 and also exceeded it by 180 points . 

Now in the coming session Nifty needs to break and sustain above 11545 to test 11565 - 11570 initially and sustaining above it we can see a further upmove till 11590 - 11610. Similarly breaking and sustaining below 11500 we can see a test of 11475 - 11470 initially and breaking and sustaining below it we can see a further correction till 11450 - 11430


Nifty Spot Levels for the day are

Long above 11545 for 11555 - 11570 - 11610 , SL 11525

Short below 11500 for 11485 - 11470 - 11430 , SL 11520

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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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