Thursday, 12 March 2020

Nifty Spot Outlook for 13th Mar

In the previous session : 

Nifty went down 950 points  before closing lower by 868 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 12h Mar :

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

For 13th Mar  :

Sustaining above 9700 enter for 9770 - 9850 - 10060 , SL 9625

Sustaining below 9480 enter for 9410 - 9330 - 9120 , SL 9555

Nifty broke below its support at 10805 and made a low of 9508 on the back of selling in all global indexes . Looking at SGX Futures it seems we are headed for another big gap down day and can test its next support at  8700 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 confirmed its shorts and completed all targets and exceeded it doing 1400 points . 

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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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