Tuesday, 17 March 2020

Nifty Spot Outlook for 18th Mar

In the previous session : 

Nifty went up by 206 points then went down by 282 points  before closing lower by 230 points on Tuesday 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 17th Mar :

Nifty triggered our long trade but could not complete any targets and took our stoploss. Post that Nifty reversed to trigger our short trade and completed 1 target 

For 18th Mar  :

Sustaining above 9100 enter for 9175 - 9270 - 9520 , SL 9005

Sustaining below 8835 enter for 8755 - 8665 - 8415 , SL 8930

Nifty broke below its support at 10805 and has so far made a low of 8555.15 on the back of selling in all global indexes . 

Nifty has immediate resistance near 10285 - 10585 - 10815 and we may see some selling pressure near all the above levels as Nifty nears it.

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 2340 point correction till now. 

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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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