Nifty Spot Outlook for 12th Mar

NIFTY

In the previous session Nifty spot opened at 11592.55, made a low of 11550.55 , it made a high of 11606.70 before closing at 11596.70

Had mentioned that long trade will get triggered for the day on sustaining above 11610 and short trade will get triggered for the day on sustaining below 11560. Nifty triggered our short  but could not sustain and took our stoploss and traded between our long and short trigger range for most of the day indicating indecisiveness .

For the coming week :

Those who are looking to enter fresh longs should wait for Nifty to sustain / close above 11735 and then enter for a initial target of 11810 - 11830 and look to hold further only on sustaining or getting a close above 11830 for the next targets of 11890 - 11960. 

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Those who are looking to enter fresh short should wait for Nifty to sustain / close below 11595 and then enter for a initial target of 11525 - 11505 and look to hold further only on sustaining or getting a close below 11505 for the next targets of 11440 - 11375. 

In the coming session Nifty needs to hold 11595 to expect a bounce else sustaining / closing below it we can see a move till 11525 - 11505. Nifty has triggered our weekly short trade and sustaining below 11595 we can see a test of 11525 - 11505

Nifty now has strong support at 11460 - 11440 and it needs to hold these levels on a correction this week .   

On the upside Nifty has immediate resistance near 11790 - 11810 . 

Currently Nifty is in a trading range of 11525 - 11790 and it needs break beyond this range strongly for a bigger move.

For the month of April , longs will get confirmed in Nifty with a consecutive close above 11790 for a initial target of 11960 - 12005 and sustaining / closing above it we can see a further move till 12150 - 12315 .  Similarly shorts will get confirmed with a consecutive close below 11460 for  a initial target of 11290 - 11245 and sustaining / closing below it we can see a further move till 11095 - 10935 .

Now in the coming session Nifty needs to break and sustain above 11620 to test 11645 - 11650 initially and sustaining above it we can see a further upmove till 11670 - 11695. Similarly breaking and sustaining below 11575 we can see a test of 11550 - 11545 initially and breaking and sustaining below it we can see a further correction till 11525 - 11500

Nifty Spot Levels for the day are

Long above 11620 for 11635 - 11650 - 11695 , SL 11605

Short below 11575 for 11560 - 11545 - 11500 , SL 11590

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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.