Nifty Outlook for 16th Mar

  In the previous session : 

Nifty went up by 17 points then went down by 285 points before closing lower by 101 points on Monday as compared to the previous day's close. 

Nifty  made a new life time high of 15431.75 in this upmove from the levels of  7511.10  . 

On 15th Mar :

Nifty triggered our short trade and completed all targets doing 219 points.

For 16th Mar :

 

Sustaining above 14990 enter for 15025 - 15075- 15190 , SL 14950

Sustaining below 14870 enter for 14830 - 14785 -14670 , SL 14910

 

Now for this week :

Nifty has immediate resistance at 15135 - 15200 zone and sustaining or closing above it we may see a further move towards 15380 - 15425 zone 

Nifty has immediate support at 14925 - 14860 zone and sustaining or closing below it we may see a further move towards 14680 - 14635 zone . 

So far this week , Nifty has made a low of 14745.85 breaking below the immediate support zone of 14925 - 14860 but managed to close just above it at 14929.50 .

As mentioned in the previous post "Those who are looking to short in the range of 15135 - 15200 should keep a stoploss of 15255 and those who are looking to buy in the range of 14925 - 14860 should keep a stoploss of 14810 . Exit the positions once the price starts sustaining above or below the stoploss.", today Nifty entered the initial buying zone and tested the nerves of those who bought . 

Now in the coming sessions Nifty has to break and sustain above 15025 for a test of the immediate weekly resistance of 15135 - 15200 and failing to do so we can it retest this weeks low and move towards the next support zone of 14680 - 14635.

Overall Nifty needs to start sustaining or closing above 15290 to continue moving up towards 15375 - 15435 and failing to do so and as long as it sustains below 15000 we can see it move towards 14820 - 14750 . 

So far this month we have seen a high of 15336.30 but Nifty failed to sustain above it and we saw a sharp correction.

 

Incase we get a gap up beyond the 1st target then will update fresh levels as per pre opening on the telegram channel "simplytradestocks"

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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.