Weekly Spot Outlook Of Nifty For 19th to 23rd Aug

NIFTY

This week Nifty went up by 36 points, then went down by 185 points before finally ending the week with a loss of 61 points compared to last weekly closing. 

As per levels given for the previous week Nifty Spot needed to sustain and close above 11220 to confirm uptrend and Nifty spot needed to sustain and close below 11000 to confirm downtrend for the week. Nifty made a high of 11145.90 and made a low of 10924.30

Had mentioned in previous weekly post that Nifty needs to sustain above 11220 to test 11335 - 11365 initially and closing above it can go further till 11460 - 11570 and Nifty needs to sustain below 11000 to test 10885 - 10855 initially and closing below it can go further till 10760 - 10650, and we saw Nifty triggering our weekly short trade and make a low of 10924.30 . Nifty did not complete our initial short targets indicating indecisiveness in the truncated week . 

For the coming week :

Those who are looking to enter fresh longs should wait for Nifty to sustain / close above 11165 and then enter for a initial target of 11285 - 11315 and look to hold further only on sustaining or getting a close above 11315 for the next targets of 11420 - 11535. 

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Those who are looking to enter fresh short should wait for Nifty to sustain / close below 10930 and then enter for a initial target of 10810 - 10780 and look to hold further only on sustaining or getting a close below 10780 for the next targets of 10675 - 10560. 

For the month of August , longs will get confirmed in Nifty with a consecutive close above 11250 for a initial target of 11390 - 11425 and sustaining / closing above it we can see a further move till 11545 - 11675 .  Similarly shorts will get confirmed with a consecutive close below 10985 for  a initial target of 10845 - 10810 and sustaining / closing below it we can see a further move till 10690 - 10560 . 

Nifty confirmed our short trade for the moth and has made a low of 10762.80 completing our initial targets . For further correction we need to get a close below 10810 and as long as its held we can expect a bounce on corrections. 

Now on the upside Nifty has immediate resistance near 11200 - 11250 in the coming sessions and on getting a consecutive close above 11250 we can see a further upmove 11390 - 11425  . On the downside Nifty has immediate support at 10845 - 10810 and only closing below 10810 we can see further correction towards 10690 - 10560.

Nifty Spot Levels for the week are

Long above 11120 , Tgt  11165 - 11200 - 11235

IF Nifty spot manages to get a close / sustain above 11285 then ,

long again for 11315 - 11420 - 11535

Short below 10975 , Tgt 10930 - 10895 - 10860

IF Nifty spot manages to get a close / sustain below 10810 then, 

short again for 10780 - 10675 - 10560

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.