Weekly Spot Outlook Of Nifty For 22nd to 26th Jul

NIFTY

This week Nifty went up by 154 points, then went down by 153 points before finally ending the week with a loss of 133 points compared to last weekly closing. 

As per levels given for the previous week Nifty Spot needed to sustain and close above 11650 to confirm uptrend and Nifty spot needed to sustain and close below 11455 to confirm downtrend for the week. Nifty made a high of 11706.45 and made a low of 11399.30

Had mentioned in previous weekly post that Nifty needs to sustain above 11650 to test 11755 - 11780 initially and closing above it can go further till 11865 - 11965 and Nifty needs to sustain below 11455 to test 11350 - 11325 initially and closing below it can go further till 11240 - 11140, and we saw Nifty initially triggering our weekly long trade and complete initial 3 targets before taking our TSL. Nifty then reveresed and in the last session for the week triggered our weekly short trade and again completed our initial 3 targets . 

For the coming week :

Those who are looking to enter fresh longs should wait for Nifty to sustain / close above 11500 and then enter for a initial target of 11585 - 11605 and look to hold further only on sustaining or getting a close above 11605 for the next targets of 11675 - 11755. 

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Those who are looking to enter fresh short should wait for Nifty to sustain / close below 11340 and then enter for a initial target of 11255 - 11235 and look to hold further only on sustaining or getting a close below 11235 for the next targets of 11165 - 11085. 

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 had confirmed our monthly shorts and also completed our initial targets with a low of 11461 and given a small bounce back before making a new low for the month in the previous session of 11399.30 . Now staying below 11440 we can see a move towards our next targets of 11305 - 11155 with a small support in between near 11340 . 

Now on the downside Nifty has immediate support near 11340 - 11305 and it needs to hold this levels on closing basis for a bounce and breaking strongly below it we can see a test of 11255 - 11155 . 

Nifty Spot Levels for the week are

Long above 11470 , Tgt  11500 - 11525 - 11545

IF Nifty spot manages to get a close / sustain above 11585 then ,

long again for 11605 - 11675 - 11755

Short below 11370 , Tgt 11340 - 11315 - 11290

IF Nifty spot manages to get a close / sustain below 11255 then, 

short again for 11235 - 11165 - 11085

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.