Saturday, 22 September 2018

Weekly Spot Outlook Of Nifty for 24th to 28th Sep

NIFTY

This week Nifty went down by 649 points , before finally ending the week with a loss of 372 points compared to last weekly closing. 

As per levels given for the previous week Nifty Spot needed to sustain and close above 11620 to trigger uptrend and Nifty spot needed to sustain and close below 11410 to trigger downtrend for the week. Nifty made a high of 11464.95 and made a low of 10866.45

As mentioned in the previous weekly post " 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 are 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 ." , and we saw Nifty trigger our short trade and sustain to do 550 points  .  The extra dip on friday was due to panic selling . Such selling spree should be used by long term investors to accumulate or add good quality stocks.

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 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 .

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 has completed all our targets with a low of 10866.45 giving us around 700 points from the monthly short trade. The additional 350 points which came on last Friday was due to the panic selling seen in Housing Finance Companies and good selling in Yes bank . Now Nifty has multiple resistances on the way up with initial resistance  near 11205 - 11265 and above it near 11355 - 11385 zone in the coming week. On the downside Nifty has initial support near 11080 - 11040 and below it near 10930 - 10905 zone . A close below 10800 will make the bear grip stronger.


Nifty Spot Levels for the week are

Long above 11205 , Tgt  11245 - 11280 - 11310

IF Nifty spot manages to get a close / sustain above 11355 then ,

long again for 11385 - 11475 - 11580

Short below 11080 , Tgt 11040 - 11005 - 10975

IF Nifty spot manages to get a close / sustain below 10930 then, 

short again for 10905 - 10810 - 10710

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.