Nifty Spot Outlook for 23rd Mar

NIFTY

Nifty spot opened at 10167.50 , it made a high of 10207.85 , it made a low of 10105.40, before closing at 10114.75

Had mentioned that long positions for the day can be taken above 10190 and short positions can be taken below 10120 . Nifty triggered our long trade and did not complete any targets and took our stoploss .Nifty then triggered our short trade and again failed to complete any targets . Today Nifty indicated indecisiveness to move in any direction and traded mostly between our long and short trigger levels . We can expect a trending move in the coming sessions

Had mentioned in the previous post " Now in this week Nifty has to sustain / close above 10190 to test 10230 - 10240 initially and sustaining above it we can see a further upmove till 10270 - 10305 . Similarly breaking and sustaining below 10120 we can see a test of 10085 - 10075 initially and breaking and sustaining below it we can see a further correction till 10040 - 10005 ." , and today broke above both our long and short levels but failed to sustain on either side indicating indecisiveness .

Had mentioned once March began that " Now for the month of March ,Nifty longs will get confirmed with a consecutive close above 10635 for a initial target of 10780 - 10820 and sustaining / closing above it we can see a further test of 10950 - 11090 . Similarly , shorts will get confirmed with a consecutive close below  10350 for a initial target of 10205 - 10165 and sustaining / closing below it we can see a further test of 10040 - 9900 ." , and today Nifty made a low of 10075.30 and nearly tested our next targets at 10040 - 9900  for the month . As mentioned in the previous posts " Now closing / sustaining below 10165 is needed for further correction till 10040 - 9900  . Nifty has immediate resistance near 10455 - 10485 . " , Nifty has made a low of 10049.10 this week just above our expected range of 10040 - 9900.

Now in the coming session Nifty needs to break and sustain above 10150 to test 10185 - 10195 initially and sustaining above it we can see a further upmove till 10230 - 10265. Similarly breaking and sustaining below 10080 we can see a test of 10045 - 10035 initially and breaking and sustaining below it we can see a further correction till 10000 - 9965.

Nifty Spot Levels for the day are

Long above 10150 for 10170 - 10195 - 10265 , SL 10105

Short below 10080 for 10060 - 10035 - 9965 , SL 10125

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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.