Thursday, 22 February 2018

Nifty Spot Outlook for 23rd Feb

NIFTY


Nifty spot opened at 10354.35 , it made a low of 10340.65 , it made a high of 10397.55, before closing at 10382.70

Had mentioned that long positions for the day can be taken above 10435 and short positions can be taken below 10360 . Nifty triggered our short trade at opening and  completed only 1 target .Post that Nifty traded the entire day between our long and short trigger levels indicating indecisiveness once again .  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 though Nifty broke below 10360 each day of the week but it did not give a close below it till now .  

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 did not sustain above 10390 but  also did not break below 10330 .

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 though Nifty has given a consecutive closes below 10390 we are yet to see selling pressure take it towards the initial lower targets .

Now in the coming session Nifty needs to break and sustain above 10410 to test 10435 - 10440 initially and sustaining above it we can see a further upmove till 10460 - 10485. Similarly breaking and sustaining below 10355 we can see a test of 10330 - 10325 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 10410 for 10425 - 10440 - 10485 , SL 10375

Short below 10355 for 10345 - 10325 - 10280 , SL 10390

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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.