Saturday, 25 August 2018

Weekly Spot Outlook of Nifty for 27th to 31st Aug

NIFTY

This week Nifty went up by 150 points before finally ending the week with a gain  of 86 points compared to last weekly closing. 

As per levels given for the previous week Nifty Spot needed to sustain and close above 11525 to trigger uptrend and Nifty spot needed to sustain and close below 11415 to trigger downtrend for the week. Nifty made a low of 11499.65 and made a high of 11620.70

As mentioned in the previous weekly post " Now in the coming week Nifty needs to break and sustain above 11525 to test 11585 - 11600 initially and above it we can see a test of 11650 - 11700. Breaking and sustaining below 11415 we can see a test of 11355 - 11340 initially and below it we can see a test of 11290 - 11235 . Those who are looking to enter fresh longs should wait for Nifty to sustain / close above 11525 to enter with a stoploss of 11485 and look to hold further only on getting a close above 11585 - 11600 zone . Those who are looking to enter fresh shorts should wait for Nifty to sustain / close below 11415 to enter with a stoploss of 11455 and look to hold further only on getting a close below 11355 - 11340 zone . , and we saw Nifty trigger our long trade and do 100 points  .  

Now in the coming week Nifty needs to break and sustain above 11615 to test 11680 - 11695 initially and above it we can see a test of 11750 - 11810 . Breaking and sustaining below 11495 we can see a test of 11435 - 11420 initially and below it we can see a test of 11365 - 11305 . Those who looking to enter fresh longs should wait for Nifty to sustain / close above 11615 to enter with a stoploss of 11575 and look to hold further only on getting a close above 11680 - 11695 zone . Those who are looking to enter fresh shorts should wait for Nifty to sustain / close below 11495 to enter with a stoploss of 11540 and look to hold further only on getting a close below 11435 - 11420 zone .We are entering the expiry week and one should be cautious in longs if Bank Nifty does not participate in the upmove this week.

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 triggered our monthly longs again and made a high of 11620.70 testing our next target zone of 11610 - 11690 giving us around 180 points .


Nifty Spot Levels for the week are

Long above 11595 , Tgt  11615 - 11635 - 11655

IF Nifty spot manages to get a close / sustain above 11680 then ,

long again for 11695 - 11750 - 11810

Short below 11520 , Tgt 11495 - 11480 - 11460

IF Nifty spot manages to get a close / sustain below 11435 then, 

short again for 11420 - 11365 - 11305

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.