Tuesday, 10 March 2020

Nifty Spot Outlook for 11th Mar

In the previous session : 

Nifty went down 695 points  before closing lower by 538 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 09th Mar :

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

For 11th Mar  :

Sustaining above 10530 enter for 10575 - 10630 - 10780 , SL 10475

Sustaining below 10375 enter for 10325 - 10270 - 10125 , SL 10430

Nifty broke below its support at 11805 and made a low of 10294.45 . Now now has a support at 10285 on closing basis which should hold for a bounce back till 10800 levels where it has its resistance now.

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 . 
Nifty has given a strong close below 10895 and all upmoves now can see a selling pressure . Those looking to short on upmoves should keep a cbsl at 11115 

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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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