Weekly Spot Outlook Of Nifty for 16th to 20th Oct

NIFTY

This week Nifty spot went down 23.90 points over last weeks close then went up by 212.20 points before finally ending the week with a gain of 187.75 points compared to last weekly closing. 

As per levels given for the previous week Nifty Spot needed to break and sustain above 10055 to confirm uptrend and Nifty spot needed to break and sustain below 9905 to confirm downtrend for the week. Nifty made a high of 10191.90 and a low of 9955.80 for the week. 

Nifty triggered our weekly long trade and completed 4 targets giving 160+ points .  In the previous week had mentioned that " Now in the coming week Nifty needs to break and sustain above 10055 to test 10130 - 10150 initially and above it we can see a test of 10215 - 10285 . Breaking and sustaining below 9905 we can see a test of 9830 - 9810 initially and below it we can see a test of 9745 - 9670 . Those who had taken long positions near 9740 when longs were mentioned have got nearly 250 points till 9989 . Those who are holding long positions should now move their cbsl from 9720 to 9905 and can hold their positions on a closing above 10055 .  For a stronger upmove we need a close above 9925 this month . Fresh short positions can be taken on sustaining / closing below 9905 in the coming week . For a stronger downmove we need a close below 9650 this month " , and we saw Nifty make a high of 10191.90 holding on to the trailing cbsl of 9905 and we have got nearly 450 points   . 

Now in the coming week Nifty needs to break and sustain above 10220 to test 10270 - 10280 initially and above it we can see a test of 10325 - 10375 . Breaking and sustaining below 10115 we can see a test of 10065 - 10055 initially and below it we can see a test of 10010 - 9960. Those who are holding long positions should now move their cbsl further up from 9905 to 10115 and can hold their positions on a close above 10220 . Fresh shorts positions can be taken on sustaining / closing below 10115 in the coming week. For a stronger downmove we need a close below 9650 this month. 

Nifty Spot Levels for the week are

Long above 10200 , Tgt  10220 - 10230 - 10245

IF Nifty spot manages to get a close / sustain above 10270 then ,

long again for 10280 - 10325 - 10375

Short below 10135 , Tgt 10115 - 10105 - 10090

IF Nifty spot manages to get a close / sustain below 10065 then, 

short again for 10055 - 10010 - 9960

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.