Saturday, 21 July 2018

Weekly Spot Outlook of Nifty for 23rd to 27th Jul

NIFTY

This week Nifty spot went down by 93 points , then went up by 57 , before finally ending the week with a loss of 9 points compared to last weekly closing. 

As per levels given for the previous week Nifty Spot needed to sustain and close above 11060 to trigger uptrend and Nifty spot needed to sustain and close below 10975 to trigger downtrend for the week. Nifty made a low of 10925.60 and made a high of 11076.20. 

As mentioned in the previous weekly post " 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 10925 we can see a test of 10935 - 10925 initially and below it we can see a test of 10885 - 10850 . Those who are 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 .  " , and we saw Nifty trigger our long trade by breaking above 11060 but it could not sustain and reversed to trigger our short trade and did just 50 points . Overall it was a sideways week for the Nifty 

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 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 . As per our monthly levels Nifty has resistance near 11050 - 11090 zone and it needs to sustain / close above it for the next move upwards. Also Nifty has good support near 10925 - 10875 for the coming week which needs to be watched for any bounce back in this expiry week.

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 last 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  11065 - 11085 - 11100

IF Nifty spot manages to get a close / sustain above 11125 then ,

long again for 11140 - 11190 - 11250

Short below 10975 , Tgt 10955 - 10935 - 10920

IF Nifty spot manages to get a close / sustain below 10895 then, 

short again for 10880 - 10830 - 10775

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.