Sunday, 23 February 2020

Weekly Spot Outlook Of Nifty For 24th to 28th Feb

In the previous week : 

Nifty went up by 46 points then went down by 205 points before finally ending the week with a loss of 33 points compared to last weekly closing. 

Nifty had made a new life time high of 12430 on 20th January . 


Nifty for this week :

  • Sustaining above 12160 enter for 12180 - 12205 - 12220
  • Further sustaining above 12240 enter for 12260 - 12325 - 12400

  • Sustaining below 12005 enter for 11980 - 11960 - 11940
  • Further sustaining below 11925 enter for 11905 - 11835 - 11760 

How to use these levels 
  • Enter on sustaining above/below the initial weekly levels mentioned and look to book partly/fully once it completes its initial 3 targets . Re-enter if price further sustains or closes above / below the next level mentioned for the next targets  . 

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 on Budget day with a low of 11633.30. For further correction Nifty had to sustain / close below 11605 for a further correction towards 11465 - 11315. Holding above 11605 we saw a pullback towards 12250 levels. 

Nifty has confirmed longs with a consecutive close above 12115 last week and also took our cbsl of 12005 . Nifty is currently giving choppy swings this month and one should use intraday levels posted along with weekly levels to understand moves better.

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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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