Saturday, 29 September 2018

Weekly Spot Outlook of Nifty for 01st to 05th Oct

NIFTY

This week Nifty went up by 27 points , then went down by 293 points before finally ending the week with a loss of 213 points compared to last weekly closing. 

As per levels given for the previous week Nifty Spot needed to sustain and close above 11245 to trigger uptrend and Nifty spot needed to sustain and close below 11040 to trigger downtrend for the week. Nifty made a high of 11170.15 and made a low of 10850.30

As mentioned in the previous weekly post " Now in the coming week Nifty needs to break and sustain above 11245 to test 11355 - 11385 initially and above it we can see a test of 11475 - 11580. Breaking and sustaining below 11040 we can see a test of 10930 - 10905 initially and below it we can see a test of 10810 - 10710 . Those who are looking to enter fresh longs should wait for Nifty to sustain / close above 11245 to enter with a stoploss of 11175 and look to hold further only on getting a close above 11355 - 11385 zone . Those who are looking to enter fresh shorts should wait for Nifty to sustain / close below 11040 to enter with a stoploss of 11115 and look to hold further only on getting a close below 10930 - 10905 zone ." , and we saw Nifty trigger our short trade and sustain to do 230 points with a low of 10850.30 .  


Now in the coming week Nifty needs to break and sustain above 11005 to test 11085 - 11105 initially and above it we can see a test of 11170 - 11245 . Breaking and sustaining below 10855 we can see a test of 10775 - 10755 initially and below it we can see a test of 10690 - 10620. Those who looking to enter fresh longs should wait for Nifty to sustain / close above 11005 to enter with a stoploss of 10950 and look to hold further only on getting a close above 11085 - 11105 zone . Those who are looking to enter fresh shorts should wait for Nifty to sustain / close below 10855 to enter with a stoploss of 10910 and look to hold further only on getting a close below 10775 - 10755 zone .

For the month of October , longs will get confirmed in Nifty with a consecutive close above 11085 for a initial target of 11245 - 11290 and sustaining / closing above it we can see a further move till 11425 - 11580 .  Similarly shorts will get confirmed with a consecutive close below 10775 for  a initial target of 10615 - 10575 and sustaining / closing below it we can see a further move till 10435 - 10285 . In the month of September Nifty gave 700+ points from the short trade .  A close below 10800 will make the bear grip stronger. Nifty has immediate support near 10835 - 10775 which needs to hold on a closing basis for any bounce back .


Nifty Spot Levels for the week are

Long above 10975 , Tgt  11005 - 11030 - 11050

IF Nifty spot manages to get a close / sustain above 11085 then ,

long again for 11105 - 11170 - 11245

Short below 10885 , Tgt 10855 - 10835 - 10810

IF Nifty spot manages to get a close / sustain below 10775 then, 

short again for 10755 - 10690 - 10620

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.