Weekly Spot Outlook of Nifty for 07th to 11th Aug

NIFTY

This week Nifty spot went up 123 points over last weeks close and  went down 26 points before finally ending the week with a gain of 52 points compared to last weekly closing.

As per levels given for the previous week Nifty Spot needed to break and sustain above 10045 to confirm uptrend and Nifty spot needed to break and sustain below 9985 to confirm downtrend for the week. Nifty made a new life time high of 10137.85 and a low of 9988.35 for the week .

Nifty triggered our weekly long trade and completed 4 targets on the long side giving 80+ points from the weekly long trade . In the previous week had mentioned that " Now in the coming sessions Nifty needs to break and sustain above 10065 to test 10115 - 10130 initially and above it we can see a test of 10170 - 10220 . Breaking and sustaining below 9965 we can see a test of 9915 - 9900 and below it we can see a test of 9855 - 9810 . " , and we saw Nifty make a high of 10137.85 just above our range of 10115 - 10130 and reverse for around 150 points before reclaiming 10000 again at close . As per our weekly levels , Nifty shorts would have triggered below 9985 and Nifty made a low of 9988.35 and pulled back .

Now in the coming sessions Nifty needs to break and sustain above 10110 to test 10155 - 10165 initially and above it we can see a test of 10205 - 10245. Breaking and sustaining below 10025 we can see a test of 9980 - 9970 initially and below it we can see a test of 9930 - 9885. Those who are long should keep a cbsl of 10005 and those who are short should keep a cbsl of 10150. 

Nifty Spot Levels for the week are

Long above 10095 , Tgt  10110 - 10125 - 10135

IF Nifty spot manages to get a close / sustain above 10155 then ,

long again for 10165 - 10205 - 10245

Short below 10040 , Tgt 10025 - 10010 - 9988

IF Nifty spot manages to get a close / sustain below 9980 then, 

short again for 9970 - 9930 - 9885

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 .

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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.