Sunday, 29 January 2017

Weekly Spot Outlook of Nifty for 30th January to 03rd February

NIFTY

This week Nifty spot went down 22 points over last weeks close , then went up by 323 points and finally ended the week with a gain of 292 points compared to last weekly closing.


As per levels given for the previous week Nifty Spot needed to break and sustain above 8396 to confirm uptrend and Nifty spot needed to break and sustain below 8303 to confirm downtrend for the week. Nifty made a high of 8672.70 and a low of 8327.20 for the week.

This week Nifty triggered our long trade and achieved all our long targets giving us 178 points till our last target and also over shot it by another 126 points .Nifty has so far made a low of 7893.80 from the high of 8968.70 made in September 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 750+ points till now . Now Nifty needs to sustain above 8699 this week for the up move to continue till 8887 with resistance near 8761 - 8776 . Breaking and sustaining below 8583 this week we can see a down move till 8396 with support near 8522 - 8506 levels. Those who are holding positional longs or those who are looking to enter fresh longs on any corrections this week should keep a strict cbsl of 8486 for their positions . We have our Union Budget too this week and one should watch the big event as it would determine the next immediate trend for the markets . 

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 . Nifty has given a move of 340+ points after closing above the monthly long confirmation level till now.


In the coming week Nifty spot needs to break and sustain above 8699 to confirm uptrend and then one can expect a move till 8761 initially and breaking and sustaining above 8776 will give further confirmation for the next move which can take us up till 8887. Similarly Nifty spot needs to break and sustain below 8583 to confirm downtrend and then one can expect a move till 8522 initially and breaking and sustaining below 8506 will give further confirmation for the next move which can take us down till 8396 . 


Nifty Spot Levels for the week are

Long above 8677 , Tgt  8699 - 8717 - 8735

IF Nifty spot manages to get a close / sustain above 8761 then ,

long again for 8776 - 8829 - 8887

Short below 8605 , Tgt 8583 - 8565 - 8547

IF Nifty spot manages to get a close / sustain below 8522 then, 

short again for 8506 - 8454 - 8396


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.