Weekly Spot Outlook of Nifty for 06th to 10th Aug

NIFTY

This week Nifty went up by 112 and then went down by 43 points before finally ending the week with a gain  of 82 points compared to last weekly closing. 

As per levels given for the previous week Nifty Spot needed to sustain and close above 11325 to trigger uptrend and Nifty spot needed to sustain and close below 11230 to trigger downtrend for the week. Nifty made a low of 11234.95 and made a high of 11390.55 

As mentioned in the previous weekly post " 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 are 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 . , and we saw Nifty trigger our long trade by breaking above 11325 and make a high of 11390.55 for the week near our initial resistance of 11375 - 11385 . 

Now in the coming week Nifty needs to break and sustain above 11425 to test 11490 - 11510 initially and above it we can see a test of 11565 - 11630 . Breaking and sustaining below 11295 we can see a test of 11230 - 11215 initially and below it we can see a test of 11155 - 11095 . Those who looking to enter fresh longs should wait for Nifty to sustain / close above 11425 and look to hold further only on getting a close above 11490 - 11510 zone . Those who are looking to enter fresh shorts should wait for Nifty to sustain / close below 11295 and look to hold further only on getting a close below 11230 - 11215 zone .

For the month of August , longs will get confirmed in Nifty with a consecutive close above 11435 for a initial target of 11520 - 11540 and sustaining / closing above it we can see a further move till 11610 - 11690 .  Similarly shorts will get confirmed with a consecutive close below 11275 for  a initial target of 11195 - 11175 and sustaining / closing below it we can see a further move till 11100 - 11025 .

Nifty Spot Levels for the week are

Long above 11400 , Tgt  11425 - 11445 - 11465

IF Nifty spot manages to get a close / sustain above 11490 then ,

long again for 11510 - 11565 - 11630

Short below 11320 , Tgt 11295 - 11275 - 11260

IF Nifty spot manages to get a close / sustain below 11230 then, 

short again for 11215 - 11155 - 11095

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.