Weekly Spot Outlook of Nifty for 26th to 29th Dec

NIFTY

This week Nifty spot went down by 258 points and then went up by 168 points before finally ending the week with a gain of 160 points compared to last weekly closing. 

As per levels given for the previous week Nifty Spot needed to break and sustain above 10410 to confirm uptrend and Nifty spot needed to break and sustain below 10255 to confirm downtrend for the week. Nifty made a high of 10501.10 and a low of 10074.80 for the week. 

Nifty initially triggered our weekly short trade and completed our 5 weekly short targets giving 200 points and then took our TSL .  It then reversed and triggered our weekly long trade and completed 3 targets giving 100 points from the weekly long trade. For further upmove Nifty needed to break and sustain above 10485 - 10505 and we saw Nifty make a high of 10501.10 before closing at 10493.  In the previous week had mentioned that " Now in the coming week Nifty needs to break and sustain above 10410 to test 10485 - 10505 initially and above it we can see a test of 10575 - 10650 . Breaking and sustaining below 10255 we can see a test of 10180 - 10160 initially and below it we can see a test of 10090 - 10020 . Those who are holding longs entered above 10340 in the previous week should now keep a trailing cbsl of 10260 and can further move their trailing cbsl to 10355 once Nifty breaks and sustains / closes below 10410 .  Fresh long positions can be taken on sustaining / closing above 10340 in the coming week and can be held on sustaining / closing above 10455 .For a bigger upmove in December we need a consecutive close above 10330 which should also be the stoploss for those looking to enter shorts in the coming week " , and we saw Nifty take the stoploss for positional shorts and make a high of 10501.10 .

Now in the coming week Nifty needs to break and sustain above 10550 to test 10610 - 10625 initially and above it we can see a test of 10675 - 10735 . Breaking and sustaining below 10435 we can see a test of 10375 - 10360 initially and below it we can see a test of 10310 - 10250. Those who are holding longs entered above 10340 in the previous week should now keep a trailing cbsl of 10410 and can further move their trailing cbsl to 10510 once Nifty breaks and sustains / closes above 10550 . Fresh long positions can be taken on sustaining / closing above 10550 in the coming week and can be held on sustaining / closing above 10625. 

Nifty Spot Levels for the week are

Long above 10530 , Tgt  10550 - 10570 - 10585

IF Nifty spot manages to get a close / sustain above 10610 then ,

long again for 10625 - 10675 - 10735

Short below 10455 , Tgt 10435 - 10420 - 10400

IF Nifty spot manages to get a close / sustain below 10375 then, 

short again for 10360 - 10310 - 10250

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.