Monday, 2 March 2020

Nifty Spot Outlook for 03rd Mar

In the previous session : 

Nifty went up by 231 points then went down by 165 before closing lower by 69 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 02nd Mar :

Nifty initially triggered our long trade with a gap up and completed all our targets . Nifty then reversed to trigger our short trade for the day and did 100 points . It was a highly volatile day for traders as Nifty fell intraday by around 397 points from the days high to the days low.

For 03rd Mar  :

Sustaining above 11190 enter for 11220 - 11260 - 11365 , SL 11150

Sustaining below 11075 enter for 11045 - 11005 - 10900 , SL 11115

Nifty needs to hold above 11055 - 11015 on closing basis this week for one more bounce to be expected on further corrections. 

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 11505 for a initial target of 11825 - 11905 and sustaining / closing above 11905 we can see a further move till 12185 - 12485.  
  • Nifty shorts will get confirmed with a consecutive close below 10895 for  a initial target of 10575 - 10495 and sustaining / closing below 11495 we can see a further move till 10220 - 9920 . 

Join our Telegram Channel "simplytradestocks" for live stock trading ideas during market hours                                      

To receive this post daily in your inbox, kindly register by adding your email id in  the 'Subscribe to my posts' section on the top right side of the blog.

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.

No comments:

Post a Comment