Tuesday, 5 March 2019

Nifty Spot Outlook for 06th Mar

NIFTY


In the previous session Nifty spot opened at 10864.85 , made a low of 10817.00 , it made a high of 10994.90 before closing at 10987.45

Had mentioned that long trade will get triggered for the day on sustaining above 10885 and short trade will get triggered for the day on sustaining below 10840. Nifty triggered our short trade and did just 1 target and reversed to take our TSL as it was unable to confirm our weekly short trade at 10800 . It then triggered our long trade trade and did 100 points as it confirmed our weekly long trade too above 10925 . 

For the coming week :

Those who are looking to enter fresh longs should wait for Nifty to sustain / close above 10925 and then enter for a initial target of 10990 - 11005 and look to hold further only on sustaining or getting a close above 11005 for the next targets of 11060 - 11120. 

&

Those who are looking to enter fresh short should wait for Nifty to sustain / close below 10800 and then enter for a initial target of 10740 - 10725 and look to hold further only on sustaining or getting a close below 10725 for the next targets of 10665 - 10605. 

Now Nifty has immediate resistance at 10990 - 11005 in the coming session which it needs to break and sustain above for the next move towards 11060 - 11120 . Incase Nifty takes resistance and we see a correction towards 10900 - 10925 then fresh longs can be looked at with a cbsl of 10880.


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 today Nifty has given a strong close above 10930 and any dips in the coming session can be used to take fresh long positions .

Now in the coming session Nifty needs to break and sustain above 11010 to test 11035 - 11045 initially and sustaining above it we can see a further upmove till 11065 - 11090. Similarly breaking and sustaining below 10960 we can see a test of 10940 - 10930 initially and breaking and sustaining below it we can see a further correction till 10910 - 10885.


Nifty Spot Levels for the day are

Long above 11010 for 11025 - 11045 - 11090 , SL 10995

Short below 10960 for 10950 - 10930 - 10885 , SL 10980

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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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