Saturday, 1 September 2018

Weekly Spot Outlook Of Nifty for 03rd Sep to 07th Sep

NIFTY

This week Nifty went up by 203 points before finally ending the week with a gain  of 123 points compared to last weekly closing. 

As per levels given for the previous week Nifty Spot needed to sustain and close above 11615 to trigger uptrend and Nifty spot needed to sustain and close below 11495 to trigger downtrend for the week. Nifty made a low of 11595.60 and made a high of 11760.20

As mentioned in the previous weekly post " 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 are 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 ." , and we saw Nifty trigger our long trade and do 160 points  .  

Now in the coming week Nifty needs to break and sustain above 11735 to test 11795 - 11805 initially and above it we can see a test of 11855 - 11910 . Breaking and sustaining below 11625 we can see a test of 11570 - 11555 initially and below it we can see a test of 11505 - 11450. Those who looking to enter fresh longs should wait for Nifty to sustain / close above 11735 to enter with a stoploss of 11695 and look to hold further only on getting a close above 11795- 11805 zone . Those who are looking to enter fresh shorts should wait for Nifty to sustain / close below 11625 to enter with a stoploss of 11665 and look to hold further only on getting a close below 11570 - 11555 zone .

For the month of September , longs will get confirmed in Nifty with a consecutive close above 11795 for a initial target of 11915 - 11940 and sustaining / closing above it we can see a further move till 12045 - 12155 .  Similarly shorts will get confirmed with a consecutive close below 11565 for  a initial target of 11450 - 11420 and sustaining / closing below it we can see a further move till 11320 - 11205 . In the month of August after the initial whipsaws Nifty gave 225 points from the long trade .


Nifty Spot Levels for the week are

Long above 11715 , Tgt  11735 - 11750 - 11770

IF Nifty spot manages to get a close / sustain above 11795 then ,

long again for 11805 - 11855 - 11910

Short below 11645 , Tgt 11625 - 11610 - 11595

IF Nifty spot manages to get a close / sustain below 11570 then, 

short again for 11555 - 11505 - 11450

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.