Saturday, 24 March 2018

Weekly Spot Outlook of Nifty from 26th to 28th Mar

NIFTY

This week Nifty spot went up by 32 points and went down by 243 points before finally ending the week with a loss of 212 points compared to last weekly closing. Nifty had made a new life time high of 11171.55 in January and has since corrected by  1200 points .


As per levels given for the previous week Nifty Spot needed to break and sustain above 10300 to trigger uptrend and Nifty spot needed to break and sustain below 10090 to trigger downtrend for the week. Nifty made a high of 10227.30 and a low of 9951.90 for the week. 

In the previous week had mentioned that " Now in the coming week Nifty needs to break and sustain above 10300 to test 10405 - 10435 initially and above it we can see a test of 10525 - 10630 . Breaking and sustaining below 10090 we can see a test of 9985 - 9955 initially and below it we can see a test of 9865 - 9765Those who are looking to enter fresh shorts this week should keep a cbsl of 10300 and can hold once Nifty closes below 10090 with a trailing cbsl of 10165 . Fresh long positions should be entered only on closing above 10300 spot for a initial target of 10405 - 10435 .  Nifty has support near 10130 - 10090 zone in the coming week . "  and Nifty went up initially to make a high of 10227.30 and gave a good shorting opportunity with a small cbsl of 75 points and corrected till 9951.90 just below our initial target giving nearly 275 points to shorts . Our monthly shorts were confirmed below 10350 and the positional cbsl for that was at 10490 for a initial target of 10205 - 10165  and next target were 10040 - 9900 , and we saw a low of 9951.90 being made so far for the month nearly completing our monthly short targets . 


Now in the coming week Nifty needs to break and sustain above 10050 to test 10120 - 10135 initially and above it we can see a test of 10195 - 10260 . Breaking and sustaining below 9920 we can see a test of 9850 - 9830 initially and below it we can see a test of 9770 - 9705.  Those who are holding shorts entered near 10225 with a cbsl of 10300 should now move their trailing cbsl to 10050 for the coming week and look to book on a further dip till 9880 - 9850 on sustaining below 9920 . Fresh long positions may be entered only on dips near 9880 - 9850 with a cbsl of 9830 or on sustaining / closing above 10050 spot for a initial target of 10120 - 10135 .  Nifty has good support near 9850 - 9830 now and can take some support there in the coming week . 


For the month of March , 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 move till 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 move till 10040 - 9900 . Nifty monthly shorts had got confirmed 2 weeks ago and has now made a low of 9951.90 within our next target zone of 10040 - 9900 this week . Those who are looking to go long on a dip below our last monthly targets near 9880 - 9850 for this expiry should keep a strict cbsl of 9830 


Nifty Spot Levels for the week are

Long above 10025 , Tgt  10050 - 10070 - 10090

IF Nifty spot manages to get a close / sustain above 10120 then ,

long again for 10135 - 10195 - 10260

Short below 9940 , Tgt 9920 - 9900 - 9875

IF Nifty spot manages to get a close / sustain below 9850 then, 

short again for 9830 - 9770 - 9705

P.S. Always wait for the yellow highlighted levels to be crossed after taking a long/short position for confirmation of the trade . Once the highlighted levels are crossed and the next target is achieved move your Stoploss to the highlighted levels and keep trailing your stoploss .

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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.