Weekly Spot Outlook of Nifty for 13th to 17th August

NIFTY

This week Nifty went down by 1.10 and then went up by 134 points before finally ending the week with a gain  of 69 points compared to last weekly closing. 

As per levels given for the previous week Nifty Spot needed to sustain and close above 11425 to trigger uptrend and Nifty spot needed to sustain and close below 11295 to trigger downtrend for the week. Nifty made a low of 11359.70 and made a new lifetime high of 11495.20

As mentioned in the previous weekly post " 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 are 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 . , and we saw Nifty trigger our long trade and make a high of 11495.20 for the week near our initial resistance of 11490 - 11510 giving us an exit . 

Now in the coming week Nifty needs to break and sustain above 11490 to test 11550 - 11570 initially and above it we can see a test of 11620 - 11680 . Breaking and sustaining below 11370 we can see a test of 11310 - 11290 initially and below it we can see a test of 11235 - 11180 . Those who looking to enter fresh longs should wait for Nifty to sustain / close above 11490 to enter with a stoploss of 11445 and look to hold further only on getting a close above 11550 - 11570 zone . Those who are looking to enter fresh shorts should wait for Nifty to sustain / close below 11370 to enter with a stoploss of 11410 and look to hold further only on getting a close below 11310 - 11290 zone .

As mentioned earlier " 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 longs got confirmed with a consecutive close above 11435 and those who are holding longs should keep a positional cbsl of 11380 now and look to hold on getting a close above 11520 - 11540 resistance zone .

Nifty Spot Levels for the week are

Long above 11465 , Tgt  11490 - 11510 - 11525

IF Nifty spot manages to get a close / sustain above 11550 then ,

long again for 11570 - 11620 - 11680

Short below 11395 , Tgt 11370 - 11350 - 11335

IF Nifty spot manages to get a close / sustain below 11310 then, 

short again for 11290 - 11235 - 11180

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.