Thursday, 28 March 2019

Nifty Spot Outlook for 28th Mar

NIFTY


In the previous session Nifty spot opened at 11531.45 , made a high of 11546.20 , it made a low of 11413 before closing at 11445.05

Had mentioned that long trade will get triggered for the day on sustaining above 11510 and short trade will get triggered for the day on sustaining below 11455. Nifty initially triggered our long trade and completed 2 before taking our TSL. It then reversed and triggered our short trade and again completed 2 targets on the short side . 


For the coming week :

Those who are looking to enter fresh longs should wait for Nifty to sustain / close above 11520 and then enter for a initial target of 11590 - 11605 and look to hold further only on sustaining or getting a close above 11605 for the next targets of 11665 - 11725. 

&

Those who are looking to enter fresh short should wait for Nifty to sustain / close below 11390 and then enter for a initial target of 11325 - 11310 and look to hold further only on sustaining or getting a close below 11310 for the next targets of 11250 - 11185. 

As mentioned in the previous Nifty had triggered our weekly short trade and completed our initial targets of 11325 - 11310 with a low of 11311.60. Now it needed to hold the low of 11311.60 else sustaining below it we can see a move towards the next targets. Nifty held the low and bounced back till 11546.20 today from where we saw some selling again.


As mentioned in the previous posts " Nifty has immediate resistance at 11495 - 11585 zone now where it can take a pause in this upmove"  , and Nifty made a high of 11572.80 and reversed till 11311.60 at the start of week . Today again Nifty saw some selling once it neared the upper end of the resistance zone of 11495 - 11585 . Fresh longs for this week should be looked at only on breaking beyong this zone.

Nifty has immediate support near 11325 - 11310 and it needs to hold these incase of a correction for the upmove to resume and breaking and sustaining below it we can see a further correction towards 11250 - 11190. Nifty has so far held 11310 and bounced and those who are looking to attempt longs this week on a correction again should keep 11310 as cbsl. 

Nifty has small resistance at 11520 now and it needs to sustain or close above it to make a move towards 11585 again .


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 11572.80 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 11475 to test 11500 - 11510 initially and sustaining above it we can see a further upmove till 11535 - 11560. Similarly breaking and sustaining below 11415 we can see a test of 11390 - 11385 initially and breaking and sustaining below it we can see a further correction till 11360 - 11330


Nifty Spot Levels for the day are

Long above 11475 for 11490 - 11510 - 11560 , SL 11450

Short below 11415 for 11400 - 11385 - 11330 , SL 11440

Nifty expected expiry range :

Upper End - 11547

Lower End - 11343

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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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