Monday, 17 February 2020

Nifty Spot Outlook for 18th Feb

In the previous session : 

Nifty went up by 46 points then went down by 76 points before closing lower by 67 points on Monday as compared to the previous day's close.

Nifty had made a life time high of 12430.50 on 20th January and again failed to give a strong close above its congestion zone of 12300 - 12375 for the upward momentum to continue and we saw a correction till 11614.50 . 

On 17th Feb :

Nifty initially triggered our long trade and reversed to take our stoploss . Nifty then triggered our short trade and again did 35 points . Nifty indicated indecisiveness on Monday again triggering trades on both sides. 

For 18th Feb  :

Sustaining above 12075 enter for 12090 - 12110 - 12160 , SL 12055

Sustaining below 12020 enter for 12005 - 11985 - 11935 , SL 12040

How to use these levels 

  • Enter on sustaining above/below the levels mentioned and look to book partly/fully once at the 2nd target as its placed at the resistance / support . Re-enter if price sustains above / below the 2nd target with a trailing stoploss of the entry levels. 

For this month :
  • Nifty longs will get confirmed with a consecutive close above 12115 for a initial target of 12280 - 12320 and sustaining / closing above 12320 we can see a further move till 12460 - 12610 .  
  • Nifty shorts will get confirmed with a consecutive close below 11810 for  a initial target of 11645 - 11605 and sustaining / closing below 11605 we can see a further move till 11465 - 11315 .
Nifty had triggered our shorts and also completed our initial targets with a low of 11614.50 . Sustaining / closing below 11605 was required for a further correction towards 11465 - 11315. Holding above 11605 we saw a pullback towards 12250 levels.

Nifty has given a consecutive above 12115 but once again Bank Nifty is yet to confirm and hence this long confirmation can be false or the upmove can be delayed unless we get a consecutive close by Bank Nifty too above 31320. Those who are long in Nifty should keep a cbsl of 12010.

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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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