Thursday, 26 March 2020

Nifty Spot Outlook for 27th Mar

In the previous session : 

Nifty went down by 13 points then went up by 431 points before closing higher by 324 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 7511.10 now . 

On 26th Mar :

Nifty triggered our long trade and did 225 points. 

For 27th Mar  :

Sustaining above 8855 enter for 8985 - 9135 - 9540 , SL 8705

Sustaining below 8430 enter for 8295 - 8150 - 7740 , SL 8575

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 broke above 8380 - 8440 zone and we saw our targets of 8650 - 8740 being achieved . Now Nifty needs to break and sustain above 8775 - 8855 for a move towards 9080 - 9160

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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