Tuesday, 24 March 2020

Nifty Spot Outlook for 25th Mar

In the previous session : 

Nifty went up by 427 points then went down by 99 points before closing higher by 191 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 7511.10 now . 

On 24th Mar :

Nifty triggered our long trade with a gap up and completed 2 targets doing 165 points. 

For 25th Mar  :

Sustaining above 7985 enter for 8095 - 8225 - 8570 , SL 7855

Sustaining below 7620 enter for 7510 - 7380 - 7035 , SL 7745

Nifty broke below multiple supports back to back and has so far made a low of 7511.10 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. 

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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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