Thursday, 15 February 2018

Nifty Spot Outlook for 16th Feb

NIFTY


Nifty spot opened at 10537.90 , it made a high of 10618.10 , it made a low of 10511.05 , before closing at 10545.50

Had mentioned that long positions for the day can be taken above 10545 and short positions can be taken below 10460 . Nifty triggered our long trade for the day and completed 2 targets  . As mentioned in the previous post " Now this week Nifty has to sustain / close above 10550 to test 10650 - 10675 initially and above it till 10765 - 10860 next . For a further downmove this week Nifty has to sustain / close below 10360 to test 10260 - 10235 initially and below it till 10145 - 10050 next . ", today Nifty sustained and traded above 10550 for the most part of the day but closed marginally lower . 

Had mentioned in the previous post " Now in the coming session Nifty needs to break and sustain above 10545 to test 10585 - 10595 initially and sustaining above it we can see a further upmove till 10635 - 10675. Similarly breaking and sustaining below 10460 we can see a test of 10415 - 10405 initially and breaking and sustaining below it we can see a further correction till 10370 - 10330 . " , and Nifty made a high of 10618.10 above our initial resistance zone . 

For the month of February Nifty has triggered our monthly shorts  for a initial target of 10775 - 10745 and breaking and sustaining below it we can see a further test of 10635 - 10515 . Monthly longs will get confirmed with a consecutive close above 11150 for a initial target of 11280 - 11310 and breaking and sustaining above it we can see a further test of 11420 - 11540 . Sustaining below 10515 Nifty can see a retest of 10435 - 10330 zone .For a slightly bigger correction Nifty needs to give a close below 10390 for a test of 10240 - 10200 initially.

Now in the coming session Nifty needs to break and sustain above 10590 to test 10635 - 10645 initially and sustaining above it we can see a further upmove till 10685 - 10725. Similarly breaking and sustaining below 10505 we can see a test of 10455 - 10445 initially and breaking and sustaining below it we can see a further correction till 10410 - 10365 .


Nifty Spot Levels for the day are

Long above 10590 for 10615 - 10645 - 10725 , SL 10530

Short below 10505 for 10475 - 10445 - 10365 , SL 10560

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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.