Wednesday, 21 February 2018

Nifty Spot Outlook for 22nd Feb

NIFTY


Nifty spot opened at 10426 , it made a high of 10426.10 , it made a low of 10349.60, before closing at 10397.45

Had mentioned that long positions for the day can be taken above 10395 and short positions can be taken below 10325 . Nifty triggered our long trade at opening but did not complete any target .Post that Nifty traded the entire day between our long and short trigger levels indicating indecisiveness .  We have our Feb expiry and we can expect a bigger move in the coming session .  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 broke below 10360 but could not sustain . 

Had mentioned in the previous post " 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 . " , and today Nifty made a high of 10426.10 near our initial resistance at opening . 

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 10435 to test 10455 - 10465 initially and sustaining above it we can see a further upmove till 10490 - 10515. Similarly breaking and sustaining below 10360 we can see a test of 10340 - 10330 initially and breaking and sustaining below it we can see a further correction till 10305 - 10280 .


Nifty Spot Levels for the day are

Long above 10435 for 10450 - 10465 - 10515 , SL 10390

Short below 10360 for 10345 - 10330 - 10280 , SL 10405

Expected expiry range is

Upper End - 10485

Lower End - 10310

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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.