Saturday, 26 May 2018

Weekly Spot Outlook of Nifty for 28th May to 01st Jun

NIFTY

This week Nifty spot went down by 179 points then went down by 32 points before finally ending the week with a gain of 9 points compared to last weekly closing. 

As per levels given for the previous week Nifty Spot needed to sustain and close above 10630 to trigger uptrend and Nifty spot needed to sustain and close below 10565 to trigger downtrend for the week. Nifty made a high of 10628.05 and made a low of 10417.80. 

As mentioned in the previous weekly post " Now in the coming week Nifty needs to break and sustain above 10650 to test 10700 - 10710 initially and above it we can see a test of 10760 - 10810. Breaking and sustaining below 10545 we can see a test of 10495 - 10480 initially and below it we can see a test of 10435 - 10385 . Those who are holding shorts should keep a cbsl of 10645.  Nifty has a strong support near 10560 - 10540 zone in the coming week and if it does not sustain below it then we can see a pullback . Nifty has a strong resistance near 10765 - 10815 and it needs to give a strong close above it for higher levels in this month.    " , and we saw Nifty trigger our weekly shorts and nearly complete all our weekly short targets giving close to 130 points from the weekly short trade . 

Now in the coming week Nifty needs to break and sustain above 10675 to test 10750 - 10770 initially and above it we can see a test of 10835 - 10905 . Breaking and sustaining below 10535 we can see a test of 10460 - 10440 initially and below it we can see a test of 10375 - 10305. Those who are looking to enter fresh longs above 10675 should keep a cbsl of 10625 and those who are looking to enter fresh shorts below 10535 should keep a cbsl of 10585 and move to trailing cbsl as targets get achieved . 

As mentioned " For the month of May , longs will get confirmed with a consecutive close above 10805 for a initial target of 10875 - 10895 and sustaining / closing above it we can see a further move till 10950 - 11020 .  Similarly shorts will get confirmed with a consecutive close below 10675 for  a initial target of 10605 - 10585 and sustaining / closing below it we can see a further move till 10525 - 10460 ." , and last week we had mentioned that Nifty has triggered our monthly shorts and in the week gone by we saw all our monthly short targets getting achieved giving us 200+ points from the monthly short trade . Nifty has strong resistance in the zone of 10765 - 10815 for this month and we need to get a strong close above it for the pullback to go higher. 


Nifty Spot Levels for the week are

Long above 10650 , Tgt  10675 - 10700 - 10720

IF Nifty spot manages to get a close / sustain above 10750 then ,

long again for 10770 - 10835 - 10905

Short below 10560 , Tgt 10535 - 10515- 10490

IF Nifty spot manages to get a close / sustain below 10460 then, 

short again for 10440 - 10375 - 10305

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.