Thursday, 5 March 2020

Nifty Spot Outlook for 06th Mar

In the previous session : 

Nifty went up by 139 points then went down by 6 points before closing higher by 18 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 05th Mar :

Nifty triggered our long trade and did 90 points. 

For 06th Mar  :

Sustaining above 11330 enter for 11365 - 11410 - 11525 , SL 11290

Sustaining below 11210 enter for 11170 - 11130 - 11015 , SL 11250

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 Nifty came close to this zone and has bounced back twice this week. 

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 . 

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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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