Saturday, 15 September 2018

Weekly Spot Outlook Of Nifty for 17th to 21st Sep

NIFTY

This week Nifty went down by 339 points , before finally ending the week with a loss of 74 points compared to last weekly closing. 

As per levels given for the previous week Nifty Spot needed to sustain and close above 11625 to trigger uptrend and Nifty spot needed to sustain and close below 11555 to trigger downtrend for the week. Nifty made a high of 11573 and made a low of 11250.20

As mentioned in the previous weekly post " 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 are 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 ." , and we saw Nifty trigger our short trade and sustain to do 285 points  .  

Now in the coming week Nifty needs to break and sustain above 11620 to test 11725 - 11755 initially and above it we can see a test of 11850 - 11950 . Breaking and sustaining below 11410 we can see a test of 11305 - 11275 initially and below it we can see a test of 11185 - 11080. Those who looking to enter fresh longs should wait for Nifty to sustain / close above 11620 to enter with a stoploss of 11545 and look to hold further only on getting a close above 11725 - 11755 zone . Those who are looking to enter fresh shorts should wait for Nifty to sustain / close below 11410 to enter with a stoploss of 11485 and look to hold further only on getting a close below 11305 - 11275 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 even our next targets of 11320 - 11205 with a low of 11250.20 giving us around 300 points from the monthly short trade. Now in this pullback Nifty has resistance near 11620 - 11650 zone in the coming week.


Nifty Spot Levels for the week are

Long above 11580 , Tgt  11620 - 11650 - 11680

IF Nifty spot manages to get a close / sustain above 11725 then ,

long again for 11755 - 11850 - 11950

Short below 11450 , Tgt 11410 - 11380 - 11350

IF Nifty spot manages to get a close / sustain below 11305 then, 

short again for 11275 - 11185 - 11080

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.