Saturday 14 January 2017

Weekly Spot Outlook of Nifty for 16th to 20th January

NIFTY

This week Nifty spot went down 16 points over last weeks close , then went up by 217 points and finally ended the week with a gain of 157 points compared to last weekly closing.


As per levels given for the previous week Nifty Spot needed to break and sustain above 8295 to confirm uptrend and Nifty spot needed to break and sustain below 8192 to confirm downtrend for the week. Nifty made a high of 8461.05 and a low of 8227.75 for the week.

This week Nifty triggered our long trade and missed our last target by 2 points giving around 185 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 560 points till now . Had mentioned in the previous weekly post 'Now Nifty needs to sustain above 8295 this week for the upmove to continue till 8462 with resistance near 8330 - 8350' , the levels worked well and we saw Nifty make a high of 8461.05  . Now Nifty needs to sustain above 8442 this week for the upmove to continue till 8575 with resistance near 8467 - 8485 . IF Nifty sustains below 8359 this week then we can see a downmove till 8225 with support near 8336 - 8315 levels . Those who intending to go long on corrections can keep a cbsl of 8329.


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 8442 to confirm uptrend and then one can expect a move till 8485 initially and breaking and sustaining above 8496 will give further confirmation for the next move which can take us up till 8575. Similarly Nifty spot needs to break and sustain below 8359 to confirm downtrend and then one can expect a move till 8315 initially and breaking and sustaining below 8304 will give further confirmation for the next move which can take us down till 8225 . 


Nifty Spot Levels for the week are

Long above 8426 , Tgt  8442 - 8454 - 8467

IF Nifty spot manages to get a close / sustain above 8485 then ,

long again for 8496 - 8534 - 8575

Short below 8375 , Tgt 8359 - 8346 - 8334

IF Nifty spot manages to get a close / sustain below 8315 then, 

short again for 8304 - 8267 - 8225


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.

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