Sunday, 22 March 2020

Nifty Spot Outlook for 23rd Mar

In the previous session : 

Nifty went down by 85 points then went up by 619 points  before closing higher by 482 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 7832.55 now . 

On 19th Mar :

Nifty triggered our long trade and completed all targets doing 375 points and exceeded it by further 128 points. 

For 23rd Mar  :

Sustaining above 8900 enter for 9000 - 9110 - 9400 , SL 8790

Sustaining below 8590 enter for 8490 - 8380 - 8085 , SL 8700

Nifty broke below its strong support at 10805 and has so far made a low of 7832.55 on the back of selling in all global indexes . 

Nifty to face resistance near 8900 -9160 - 9350  on bounces. 

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 3000+ 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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