Sunday, 1 July 2018

Weekly Spot Outlook of Nifty for 02nd to 06th Jul

NIFTY

This week Nifty spot went up by 9 points then went down by 264 points before finally ending the week with a loss of 108 points compared to last weekly closing. 

As per levels given for the previous week Nifty Spot needed to sustain and close above 10875 to trigger uptrend and Nifty spot needed to sustain and close below 10765 to trigger downtrend for the week. Nifty made a high of 10831.05 and made a low of 10557.70. 

As mentioned in the previous weekly post " Now in the coming week Nifty needs to break and sustain above 10875 to test 10930 - 10945 initially and above it we can see a test of 10995 - 11050 . Breaking and sustaining below 10765 we can see a test of 10710 - 10695 initially and below it we can see a test of 10650 - 10595 . Those who are looking to enter fresh longs should wait for Nifty to sustain / close above 10875 and look to hold further only on getting a close above 10930 - 10945 zone . Those who are looking to enter fresh shorts should wait for a close below 10765 or look to short near 10930 - 10945 with a strict cbsl of 10950 spot. " , and we saw Nifty trigger our weekly short trade and make a low of 10557.70 completing all short targets . 

Now in the coming week Nifty needs to break and sustain above 10795 to test 10875 - 10895 initially and above it we can see a test of 10965 - 11045 . Breaking and sustaining below 10635 we can see a test of 10555 - 10535 initially and below it we can see a test of 10460 - 10385 . Those who looking to enter fresh longs should wait for Nifty to sustain / close above 10795 and look to hold further only on getting a close above 10875 - 10895 zone . Those who are looking to enter fresh shorts should wait for Nifty to sustain / close below 10635 . 

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 .


Nifty Spot Levels for the week are

Long above 10765 , Tgt  10795 - 10815 - 10840

IF Nifty spot manages to get a close / sustain above 10875 then ,

long again for 10895 - 10965 - 11045

Short below 10665 , Tgt 10635 - 10610 - 10590

IF Nifty spot manages to get a close / sustain below 10555 then, 

short again for 10535 - 10460 - 10385

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.