Thursday, 5 March 2020

Nifty Spot Outlook for 05th Mar

In the previous session : 



Nifty went up by 53 points then went down by 221 points before closing lower by 52 points on Wednesday 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 04th Mar :

Nifty triggered our short trade and did 150 points. 


For 05th Mar  :

Sustaining above 11310 enter for 11345 - 11390 - 11500 , SL 11270

Sustaining below 11190 enter for 11155 - 11115 - 11000 , SL 11235


As mentioned previously "Nifty needs to hold above 11055 - 11015 on closing basis this week for one more bounce to be expected on further corrections. " , and today again Nifty came close to this zone and held it and has bounced back. 

Now immediate resistance zone is near 11445 - 11505 levels on the upside and a strong close above it will be required for a further upmove.




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