Saturday, 11 February 2017

Weekly Spot Outlook of Nifty for 13th to 17th February

NIFTY

This week Nifty spot went down 26 points over last weeks close , then went up by 81 points and finally ended the week with a gain of 52 points compared to last weekly closing.


As per levels given for the previous week Nifty Spot needed to break and sustain above 8809 to confirm uptrend and Nifty spot needed to break and sustain below 8673 to confirm downtrend for the week. Nifty made a high of 8822.10 and a low of 8715 for the week.

This week Nifty triggered our long trade on 3 occasions but failed to close above the confirmation level of 8809 for this week . Had mentioned in the previous weekly post that ' Now Nifty needs to sustain above 8809 this week for the up move to continue till 9028 with resistance near 8850 - 8880 levels

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 860+ points till now . Now Nifty needs to sustain above 8855 this week for the up move to continue till 9052 with resistance near 8892 - 8919 levels . Breaking and sustaining below 8733 this week we can see a down move till 8535 with support near 8668 - 8652 levels

For the month of February we can expect uptrend in Nifty spot on a consecutive close above 8696 and downtrend in Nifty spot on a consecutive close below 8427 . Had mentioned in January that we can expect uptrend in Nifty spot on a consecutive close above 8329 and we got a move of nearly 400+ points from there . 

Nifty has given a further up move of 125 points after closing above our monthly long confirmation level of 8696 . It now has a resistance zone near 8780 - 8840 and has been taking resistance there the whole of last week . Nifty needs to break above this zone and sustain above 8875 for a further up move .  Incase Nifty is unable to break and sustain this range then we may see a correction from near 8840 - 8875 levels till 8650 - 8550 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 8660 spot for the positions.

In the coming week Nifty spot needs to break and sustain above 8855 to confirm uptrend and then one can expect a move till 8919 initially and breaking and sustaining above 8935 will give further confirmation for the next move which can take us up till 9052. Similarly Nifty spot needs to break and sustain below 8733 to confirm downtrend and then one can expect a move till 8668 initially and breaking and sustaining below 8652 will give further confirmation for the next move which can take us down till 8535 . 


Nifty Spot Levels for the week are

Long above 8831 , Tgt  8855 - 8873 - 8892

IF Nifty spot manages to get a close / sustain above 8919 then ,

long again for 8935 - 8991 - 9052

Short below 8756 , Tgt 8733 - 8714 - 8695

IF Nifty spot manages to get a close / sustain below 8668 then, 

short again for 8652 - 8596 - 8535


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.