Thursday, 7 March 2019

Nifty Spot Outlook for 08th Mar

NIFTY


In the previous session Nifty spot opened at 11077.95 , made a low of 11027.10 , it made a high of 11089.05 before closing at 11058.20

Had mentioned that long trade will get triggered for the day on sustaining above 11075 and short trade will get triggered for the day on sustaining below 10300. Nifty triggered our short trade initially but reversed immediately without sustaining . It then triggered our long trade and did just 1 target .  

As mentioned over the weekend :-


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. 

Nifty has today made a high of 11089.05 reaching our next targets of 11060 - 11120 after giving a long signal above 10900 in the past 2 sessions giving 190 points from the weekly long trade .

Now Nifty has immediate resistance at 11115 - 11125 in the coming session which it needs to break and sustain above for a further upmove towards 11175 - 11240 . Incase Nifty takes resistance near 11115 - 11125 then we see a correction towards 11035 - 11025 initially and on a stronger selling pressure further towards  10985 - 10965 where fresh longs can be looked at with a cbsl of 10925.


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 confirmed our monthly longs and reached our initial targets of 11075 - 11115 with a high of 11089.05  . 

Now in the coming session Nifty needs to break and sustain above 11080 to test 11105 - 11110 initially and sustaining above it we can see a further upmove till 11130 - 11150. Similarly breaking and sustaining below 11035 we can see a test of 11015 - 11010 initially and breaking and sustaining below it we can see a further correction till 10990 - 10970.


Nifty Spot Levels for the day are

Long above 11080 for 11095 - 11110 - 11150 , SL 11065

Short below 11035 for 11025 - 11010 - 10970 , SL 11050

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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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