Sunday, 23 February 2020

Nifty Spot Outlook for 24th Feb

In the previous session : 



Nifty went up by 26 points then went down by 54 points before closing lower by 45 points on Thursday 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 20th Feb :

Nifty triggered our short trade and did 24 points .


For 24th Feb  :

Sustaining above 12110 enter for 12130 - 12150 - 12200 , SL 12090

Sustaining below 12050 enter for 12035 - 12015 - 11960 , SL 12070






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 now needs to sustain above 12155 in the coming days to move towards 12235- 12260 again . 



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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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