Weekly Spot Outlook Of Nifty For 15th to 19th Jul

NIFTY

This week Nifty went down by 350 points before finally ending the week with a loss of 259 points compared to last weekly closing. 

As per levels given for the previous week Nifty Spot needed to sustain and close above 11880 to confirm uptrend and Nifty spot needed to sustain and close below 11745 to confirm downtrend for the week. Nifty made a high of 11771.90 and made a low of 11461.00

Had mentioned in previous weekly post that Nifty needs to sustain above 11880 to test 11950 - 11970 initially and closing above it can go further till 12030 - 12100 and Nifty needs to sustain below 11745 to test 11675 - 11655 initially and closing below it can go further till 11595 - 11525, and we saw Nifty triggering our weekly short trade and make a low of 11461.00 completing all our weekly short targets and exceeding it.

For the coming week :

Those who are looking to enter fresh longs should wait for Nifty to sustain / close above 11650 and then enter for a initial target of 11755 - 11780 and look to hold further only on sustaining or getting a close above 11780 for the next targets of 11865 - 11965. 

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Those who are looking to enter fresh short should wait for Nifty to sustain / close below 11455 and then enter for a initial target of 11350 - 11325 and look to hold further only on sustaining or getting a close below 11325 for the next targets of 11240 - 11140. 

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 confirmed our monthly shorts and also completed our initial targets with a low of 11461. Now for a further correction we need a strong close below 11440.

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 and breaking strongly below it we can see a test of 11305 - 11155 . 

Nifty Spot Levels for the week are

Long above 11615 , Tgt  11650 - 11680 - 11710

IF Nifty spot manages to get a close / sustain above 11755 then ,

long again for 11780 - 11865 - 11965

Short below 11490 , Tgt 11455 - 11425 - 11395

IF Nifty spot manages to get a close / sustain below 11350 then, 

short again for 11325 - 11240 - 11140

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.