Saturday, 14 July 2018

Weekly Spot Outlook Of Nifty for 16th to 20th Jul

NIFTY

This week Nifty spot went up by 306 points before finally ending the week with a gain of 246 points compared to last weekly closing. 

As per levels given for the previous week Nifty Spot needed to sustain and close above 10845 to trigger uptrend and Nifty spot needed to sustain and close below 10700 to trigger downtrend for the week. Nifty made a high of 11078.30 and made a low of 10807.15. 

As mentioned in the previous weekly post " 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 are 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 .  " , and we saw Nifty trigger our long trade for the week and complete all our targets this week.

Now in the coming week Nifty needs to break and sustain above 11060 to test 11105 - 11115 initially and above it we can see a test of 11150 - 11190 . Breaking and sustaining below 10975 we can see a test of 10935 - 10925 initially and below it we can see a test of 10885 - 10850 . Those who looking to enter fresh longs should wait for Nifty to sustain / close above 11060 and look to hold further only on getting a close above 11105 - 11115 zone . Those who are looking to enter fresh shorts should wait for Nifty to sustain / close below 10975 and look to hold further only on getting a close below 10935 - 10925 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 complete our initial targets of 11050 - 11090 with a high of 11078.30 . Now for further upmove in the coming week Nifty needs to break and sustain / close above 11050 - 11090 to test 11240 - 11400 else we might see it move back till 10925 - 10885 initially .


Nifty Spot Levels for the week are

Long above 11045 , Tgt  11060 - 11075 - 11085

IF Nifty spot manages to get a close / sustain above 11105 then ,

long again for 11115 - 11150 - 11190

Short below 10995 , Tgt 10975 - 10965 - 10955

IF Nifty spot manages to get a close / sustain below 10935 then, 

short again for 10925 - 10885 - 10850

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.