Tuesday, 20 February 2018

Nifty Spot Outlook for 21st Feb

NIFTY


Nifty spot opened at 10391 , it made a high of 10429.35 , it made a low of 10347.65 , before closing at 10360.40

Had mentioned that long positions for the day can be taken above 10415 and short positions can be taken below 10345 . Nifty triggered our long trade post opening but did not complete any target and took our stoploss today but also failed to confirm our short trade. So overall it was a narrow range day and we can expect a bigger move in the coming session with Feb expiry also nearing .  Had mentioned in the post earlier this week " Now in the expiry week Nifty has to sustain / close above 10540 to test 10635 - 10660 initially and above it we can see a move till 10740 - 10830 . Similarly Nifty has to sustain / close below 10360 to test 10270 - 10245 initially and below it we can see a move till 10165 - 10075 . " , and today Nifty has given a borderline close at 10360.40 and it would need to sustain above it for any pullback else we can test the initial targets on the downside .

Had mentioned in the previous post " Now in the coming session Nifty needs to break and sustain above 10415 to test 10445 - 10455 initially and sustaining above it we can see a further upmove till 10485 - 10515. Similarly breaking and sustaining below 10345 we can see a test of 10310 - 10300 initially and breaking and sustaining below it we can see a further correction till 10270 - 10240 . " , and today Nifty could not sustain above 10415 but also could not break below 10345 , so we can expect a bigger move in the coming session and see some swings too . 

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 .As mentioned earlier " For a slightly bigger correction Nifty needs to give a close below 10390 for a test of 10240 - 10200 initially." , and today Nifty has given a consecutive close below 10390 and now any bounce till 10550 - 10650 can see shorts being added .

Now in the coming session Nifty needs to break and sustain above 10390 to test 10415 - 10425 initially and sustaining above it we can see a further upmove till 10450 - 10475. Similarly breaking and sustaining below 10330 we can see a test of 10305 - 10295 initially and breaking and sustaining below it we can see a further correction till 10270 - 10245 .


Nifty Spot Levels for the day are

Long above 10395 for 10430 - 10445 - 10475 , SL 10350

Short below 10325 for 10290 - 10275 - 10245 , SL 10370

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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.