Weekly Spot Outlook Of Nifty for 08th to 12th Jul

NIFTY

This week Nifty went up by 193 points before finally ending the week with a gain of 22 points compared to last weekly closing. 

As per levels given for the previous week Nifty Spot needed to sustain and close above 11860 to confirm uptrend and Nifty spot needed to sustain and close below 11715 to confirm downtrend for the week. Nifty made a high of 11981.75 and made a low of 11797.90

Had mentioned in previous weekly post that Nifty needs to sustain above 11860 to test 11935 - 11955 initially and closing above it can go further till 12020 - 12090 and Nifty needs to sustain below 11715 to test 11640 - 11620 initially and closing below it can go further till 11555 - 11485, and we saw Nifty triggering our weekly long trade and make a high of 11981.75 completing our initial targets and giving 100 points . 

For the coming week :

Those who are looking to enter fresh longs should wait for Nifty to sustain / close above 11880 and then enter for a initial target of 11950 - 11970 and look to hold further only on sustaining or getting a close above 11970 for the next targets of 12030 - 12100. 

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Those who are looking to enter fresh short should wait for Nifty to sustain / close below 11745 and then enter for a initial target of 11675 - 11655 and look to hold further only on sustaining or getting a close below 11655 for the next targets of 11595 - 11525. 

For the month of July , longs will get confirmed in Nifty with a consecutive close above 11940 for a initial target of 12095 - 12135 and sustaining / closing above it we can see a further move till 12270 - 12420 .  Similarly shorts will get confirmed with a consecutive close below 11640 for  a initial target of 11480 - 11440 and sustaining / closing below it we can see a further move till 11305 - 11155 . 

Nifty failed to give a consecutive close above 11940 to confirm our monthly longs.

Now on the downside Nifty has immediate support near 11670 - 11640 and it needs to hold this levels on closing basis in the month of July on a correction for a bounce . 

Nifty Spot Levels for the week are

Long above 11855 , Tgt  11880 - 11900 - 11920

IF Nifty spot manages to get a close / sustain above 11950 then ,

long again for 11970 - 12030 - 12100

Short below 11770 , Tgt 11745 - 11725 - 11700

IF Nifty spot manages to get a close / sustain below 11675 then, 

short again for 11655 - 11595 - 11525

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.