Saturday, 7 January 2017

Weekly Spot Outlook of Nifty for 09th to 13th January



NIFTY

This week Nifty spot went down 52 points over last weeks close , then went up by 121 points and finally ended the week with a gain of 58 points compared to last weekly closing.


As per levels given for the previous week Nifty Spot needed to break and sustain above 8255 to confirm uptrend and Nifty spot needed to break and sustain below 8117 to confirm downtrend for the week. Nifty made a high of 8306.85 and a low of 8133.80 for the week.

This week Nifty triggered our long trade and achieved out initial 3 targets giving around 70 points from the long trade . Nifty has so far made a low of 7893.80 from the high of 8968.70 made in September and after caution was advised for longs in September once 8900 was breached on closing . Have been mentioning since November in the weekly posts 'Those who are holding positional longs or those who are looking to enter on dips should keep a strict CBSL of 7895 for their positions.' . We saw Nifty make a low of 7893.80 in the last week of December and reverse by around 400 points till now . Now Nifty needs to sustain above 8295 this week for the upmove to continue till 8462 with resistance near 8330 - 8350 . Breaking and sustaining below 8192 this week we can see a retest upto 8050 levels. 

For the month of January we can expect uptrend in Nifty spot on a consecutive close above 8329 and downtrend continuation would be on a consecutive close below 8043


In the coming week Nifty spot needs to break and sustain above 8295 to confirm uptrend and then one can expect a move till 8350 initially and breaking and sustaining above 8364 will give further confirmation for the next move which can take us up till 8462. Similarly Nifty spot needs to break and sustain below 8192 to confirm downtrend and then one can expect a move till 8138 initially and breaking and sustaining below 8124 will give further confirmation for the next move which can take us down till 8025 . 


Nifty Spot Levels for the week are

Long above 8276 , Tgt  8295 - 8311 - 8327

IF Nifty spot manages to get a close / sustain above 8350 then ,

long again for 8364 - 8411 - 8463

Short below 8212 , Tgt 8192 - 8176 - 8160

IF Nifty spot manages to get a close / sustain below 8138 then, 

short again for 8124 - 8077 - 8025


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 .

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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.