Sunday, 29 July 2018

Weekly Spot Outlook of Nifty for 30th July to 4th Aug

NIFTY

This week Nifty went up by 273 , before finally ending the week with a gain  of 268 points compared to last weekly closing. 

As per levels given for the previous week Nifty Spot needed to sustain and close above 11065 to trigger uptrend and Nifty spot needed to sustain and close below 10955 to trigger downtrend for the week. Nifty made a low of 11010.95 and made a high of 11283.4 

As mentioned in the previous weekly post " Now in the coming week Nifty needs to break and sustain above 11065 to test 11125 - 11140 initially and above it we can see a test of 11190 - 11250. Breaking and sustaining below 10955 we can see a test of 10895 - 10880 initially and below it we can see a test of 10830 - 10775 . Those who are looking to enter fresh longs should wait for Nifty to sustain / close above 11065 and look to hold further only on getting a close above 11125 - 11140 zone . Those who are looking to enter fresh shorts should wait for Nifty to sustain / close below 10955 and look to hold further only on getting a close below 10895- 10880 zone . , and we saw Nifty trigger our long trade by breaking above 11065 and complete all our targets and gave 273 points.  

Now in the coming week Nifty needs to break and sustain above 11325 to test 11375 - 11385 initially and above it we can see a test of 11425 - 11470 . Breaking and sustaining below 11230 we can see a test of 11185 - 11170 initially and below it we can see a test of 11130 - 11085 . Those who looking to enter fresh longs should wait for Nifty to sustain / close above 11325 and look to hold further only on getting a close above 11375 - 11385 zone . Those who are looking to enter fresh shorts should wait for Nifty to sustain / close below 11230 and look to hold further only on getting a close below 11185 - 11170 zone .

As mentioned at the start of the month " For the month of July , longs will get confirmed in Nifty with a consecutive close above 10875 for a initial target of 11050 - 11090 and sustaining / closing above it we can see a further move till 11240 - 11400 .  Similarly shorts will get confirmed with a consecutive close below 10550 for  a initial target of 10380 - 10335 and sustaining / closing below it we can see a further move till 10190 - 10025 ." , and we saw Nifty confirm our monthly longs and has made a high of 11283.40 testing our next target zone of 11240 - 11400. Now for further upmove Nifty needs to sustain above 11240 to test 11375 - 11400 else we might see it move back till 11185 - 11170 initially.


Nifty Spot Levels for the week are

Long above 11310 , Tgt  11325 - 11340 - 11355

IF Nifty spot manages to get a close / sustain above 11375 then ,

long again for 11385 - 11425 - 11470

Short below 11250 , Tgt 11230 - 11220 - 11205

IF Nifty spot manages to get a close / sustain below 11185 then, 

short again for 11170 - 11130 - 11085

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 .

If you want to see the post in your Inbox , kindly register by adding your email id in  the 'Subscribe to my posts' section on the top right side of the blog.

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.