Saturday 10 November 2018

Weekly Spot Outlook of Nifty for 12th to 16th Nov

NIFTY

This week Nifty went down by 66 points , then went up by 76 points before finally ending the week with a gain of 32 points compared to last weekly closing. 


Now in the coming week Nifty needs to break and sustain above 10690 to test 10800 - 10825 initially and above it we can see a test of 10920 - 11025 . Breaking and sustaining below 10480 we can see a test of 10375 - 10345 initially and below it we can see a test of 10250 - 10150. Those who looking to enter fresh longs should wait for Nifty to sustain / close above 10690 to enter with a stoploss of 10615 and look to hold further only on getting a close above 10800 - 10825 zone . Those who are looking to enter fresh shorts should wait for Nifty to sustain / close below 10480 to enter with a stoploss of 10555 and look to hold further only on getting a close below 10375 - 10345 zone .  Those who are looking to enter shorts near 10625 - 10650 should keep a strict stoploss of  10660 closing .


For the month of November , further longs will get confirmed in Nifty with a consecutive close above 10660 for a initial target of 10945 - 11020 and sustaining / closing above it we can see a further move till 11265 - 11535 .  Similarly shorts will get confirmed with a consecutive close below 10115 for  a initial target of 9830 - 9755 and sustaining / closing below it we can see a further move till 9510 - 9235 . In the month of October Nifty gave 700+ points from the short trade . Nifty has strong resistance near 10775 - 10885 which needs to crossed strongly on a closing basis now for the bear grip to become weaker . Stoploss for positional shorts is at 10890 and unless we get a strong close above it bears will have the upper hand. 


Nifty Spot Levels for the week are

Long above 10650 , Tgt  10690 - 10720 - 10755

IF Nifty spot manages to get a close / sustain above 10800 then ,

long again for 10825 - 10920 - 11025

Short below 10520 , Tgt 10480 - 10450 - 10420

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

short again for 10345 - 10250 - 10150

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.

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