Sunday, 22 March 2020

Weekly Spot Outlook Of Nifty for 23rd to 27th Mar

In the previous week : 

Nifty went down by 2123 points  before finally ending the week with a loss of 1210 points compared to last weekly closing. 

Nifty triggered our short trade as per levels given last week and completed all targets doing 1125 points and also exceeded it by a further 650 points. 

Nifty had made a new life time high of 12430 on 20th January . 

Nifty for this week :

  • Sustaining above 9000 enter for 9160 - 9285 - 9415
  • Further sustaining above 9595 enter for 9705 - 10080 - 10495

  • Sustaining below 8490 enter for 8330 - 8205 - 8075
  • Further sustaining below 7895 enter for 7785 - 7410 - 6995 

How to use these levels  
  • For longs/shorts enter on breaking above the first weekly levels mentioned and hold on sustaining above /below the highlighted green/red level and look to book partly/fully once it completes its initial 3 targets . Re-enter if price again breaks above/below the further first level mentioned and hold on sustaining above/below the highlighted green/red level for next targets  . 

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 shorts were triggered and we saw a massive fall completing all our targets giving 1000 points and exceeding it by further 2000 points due to the global sell off due to "corona virus" being declared a pandemic by WHO. 

We are in a sell on rise bear market now and one should use the corrections in stock prices to accumulate good quality stocks in their portfolio.

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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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