Sunday 8 March 2020

Nifty Spot Outlook for 09th Mar

In the previous session : 



Nifty went down 442 points  before closing lower by 279 points on Friday 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 06th Mar :

Nifty triggered our short trade with a huge down and gave no chance to enter a trade.  


For 09th Mar  :

Sustaining above 11050 enter for 11090 - 11130 - 11245 , SL 11010

Sustaining below 10930 enter for 10890 - 10850 - 10735 , SL 10970


Nifty has immediate support at 10805 and needs to hold it on closing basis this week to expect a bounce . Sustaining below it we can see a move till 10650 where it has some support for a bounce.

Now immediate resistance zone is near 11045 - 11150 this week and above it next resistance at 11390 - 11505 levels on the upside . 




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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