Saturday, 8 September 2018

Weekly Spot Outlook Of Nifty for 10th to 14th Sep

NIFTY

This week Nifty went up by 71 points , then went down by 287 before finally ending the week with a loss of 91 points compared to last weekly closing. 

As per levels given for the previous week Nifty Spot needed to sustain and close above 11735 to trigger uptrend and Nifty spot needed to sustain and close below 11625 to trigger downtrend for the week. Nifty made a high of 11751.80 and made a low of 11393.85

As mentioned in the previous weekly post " 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 are 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 ." , and we saw Nifty trigger our short trade and sustain to do 250 points  .  

Now in the coming week Nifty needs to break and sustain above 11645 to test 11700 - 11715 initially and above it we can see a test of 11760 - 11815 . Breaking and sustaining below 11535 we can see a test of 11480 - 11465 initially and below it we can see a test of 11415 - 11365. Those who looking to enter fresh longs should wait for Nifty to sustain / close above 11645 to enter with a stoploss of 11605 and look to hold further only on getting a close above 11700 - 11715 zone . Those who are looking to enter fresh shorts should wait for Nifty to sustain / close below 11535 to enter with a stoploss of 11575 and look to hold further only on getting a close below 11480 - 11465 zone .

As mentioned at the start of the month " 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 . " , and Nifty confirmed our monthly short trade below 11565 and completed our initial targets of 11450 - 11420 but failed to give a close below 11420 for us to expect the next targets immediately and bounced back . Those who are looking to enter fresh shorts should keep a cbsl of 11645 for this week .


Nifty Spot Levels for the week are

Long above 11625 , Tgt  11645 - 11660 - 11675

IF Nifty spot manages to get a close / sustain above 11700 then ,

long again for 11715 - 11760 - 11815

Short below 11555 , Tgt 11535 - 11520 - 11505

IF Nifty spot manages to get a close / sustain below 11480 then, 

short again for 11465 - 11415 - 11365

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.