Monday, 23 March 2020

Nifty Spot Outlook for 24th Mar

In the previous session : 



Nifty went down by 1162 points before closing lower by 1135 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 7832.55 now . 


On 23rd Mar :

Nifty triggered our short trade with a big gap down below our last short target and did not give a chance to enter . 

For 24th Mar  :

Sustaining above 7780 enter for 7885 - 8010 - 8335 , SL 7660

Sustaining below 7440 enter for 7335 - 7210 - 6885 , SL 7560


Nifty broke below multiple supports back to back and has so far made a low of 7583.60 on the back of selling in all global indexes . 

Nifty has resistance near 8070 -8150 on bounces and sustaining/closing above 8150 is required for a further upmove towards 8380 - 8440 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 3200+ points correction till now. 



Join our Telegram Channel "simplytradestocks" for live stock trading ideas during market hours                                      


To receive this post daily in your inbox, kindly register by adding your email id in  the 'Subscribe to my posts' section on the top right side of the blog.





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.

No comments:

Post a Comment