Sunday, 8 July 2018

Weekly Spot Outlook Of Nifty for 09th to 13th Jul

NIFTY

This week Nifty spot went down by 110 points then went up by 102 points before finally ending the week with a gain of 58 points compared to last weekly closing. 

As per levels given for the previous week Nifty Spot needed to sustain and close above 10795 to trigger uptrend and Nifty spot needed to sustain and close below 10635 to trigger downtrend for the week. Nifty made a high of 10816.35 and made a low of 10604.65. 

As mentioned in the previous weekly post " 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 are 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.  " , and we saw Nifty could not sustain / close above 10795 and below 10635  to give a trade on either side showing indecisiveness on the next direction.

Now in the coming week Nifty needs to break and sustain above 10845 to test 10920 - 10935 initially and above it we can see a test of 11000 - 11070 . Breaking and sustaining below 10700 we can see a test of 10625 - 10610 initially and below it we can see a test of 10545 - 10475 . Those who looking to enter fresh longs should wait for Nifty to sustain / close above 10845 and look to hold further only on getting a close above 10920 - 10935 zone . Those who are looking to enter fresh shorts should wait for Nifty to sustain / close below 10700 and look to hold further only on getting a close below 10625 - 10610 zone . 

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 10815 , Tgt  10845 - 10865 - 10885

IF Nifty spot manages to get a close / sustain above 10920 then ,

long again for 10935 - 11000 - 11070

Short below 10730 , Tgt 10700 - 10680 - 10660

IF Nifty spot manages to get a close / sustain below 10625 then, 

short again for 10610 - 10545 - 10475

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.