Weekly Spot Outlook of Nifty for 21st to 25th Aug

NIFTY

This week Nifty spot went up 237 points over last weeks close before finally ending the week with a gain of 127 points compared to last weekly closing.

As per levels given for the previous week Nifty Spot needed to break and sustain above 9765 to confirm uptrend and Nifty spot needed to break and sustain below 9655 to confirm downtrend for the week. 

Nifty triggered our weekly long trade and completed all targets on the long side giving 190 points from the weekly long trade and exceeded it by 13 points too . In the previous week had mentioned that " Now in the coming sessions Nifty needs to break and sustain above 9765 to test 9820 - 9835 initially and above it we can see a test of 9885 - 9935 . Breaking and sustaining below 9655 we can see a test of 9600 - 9585 initially and below it we can see a test of 9540 - 9485 . Those who took any long position in this correction should keep a cbsl of 9655 and those who are holding shorts should move their cbsl to 9765 from 10150 given last week " , and we saw Nifty make a high of 9947.80 on sustaining above 9765 and correcting by 100+ points after completing our target.

Now in the coming week Nifty needs to break and sustain above 9910 to test 9990 - 10010 initially and above it we can see a test of 10075 - 10150. Breaking and sustaining below 9765 we can see a test of 9685 - 9665 initially and below it we can see a test of 9600 - 9530. Those who are still long should move up their cbsl to 9765 from 9655 given in the previous week and those who have entered fresh shorts this week should keep a cbsl of 9915 now .

Nifty Spot Levels for the week are

Long above 9885 , Tgt  9910 - 9935 - 9955

IF Nifty spot manages to get a close / sustain above 9990 then ,

long again for 10010 - 10075 - 10150

Short below 9790 , Tgt 9765 - 9740 - 9720

IF Nifty spot manages to get a close / sustain below 9685 then, 

short again for 9665 - 9600 - 9530

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.