Saturday, 6 October 2018

Weekly Spot Outlook Of Nifty for 08th to 12th Oct

NIFTY

This week Nifty went up by 105 points , then went down by 669 points before finally ending the week with a loss of 614 points compared to last weekly closing. 

As per levels given for the previous week Nifty Spot needed to sustain and close above 11005 to trigger uptrend and Nifty spot needed to sustain and close below 10855 to trigger downtrend for the week. Nifty made a high of 11035.65 and made a low of 10261.90

As mentioned in the previous weekly post " 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 are 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 ." , and we saw Nifty initially trigger our long trade and take our stoploss. Nifty then triggered our short trade and did 265 points to complete all our weekly short targets and in doing so it also confirmed our monthly short trade and did a further 400 points giving us totally 665 points in shorts this week  .  


Now in the coming week Nifty needs to break and sustain above 10440 to test 10575 - 10610 initially and above it we can see a test of 10720 - 10845 . Breaking and sustaining below 10190 we can see a test of 10060 - 10025 initially and below it we can see a test of 9915 - 9790. Those who looking to enter fresh longs should wait for Nifty to sustain / close above 10440 to enter with a stoploss of 10355 and look to hold further only on getting a close above 10575 - 10610 zone . Those who are looking to enter fresh shorts should wait for Nifty to sustain / close below 10190 to enter with a stoploss of 10280 and look to hold further only on getting a close below 10060 - 10025 zone .


As mentioned at the beginning of this month "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 ." , and we saw Nifty confirm our monthly short trade and complete all our short targets in 3 days by making a low of 10261.90 giving us 500 points from the monthly short trade. 

Now in the coming sessions Nifty needs to sustain / close below 10245 to begin the next round of correction towards 10070 - 9940 levels . Since we have fallen sharply we may see a small bounce this week but longs should be cautious as there is good resistance near 10385 - 10500 zone initially and above it near 10665 - 10765 zone and unless we get a close above 10890 the upmoves can get sold into again. 



Nifty Spot Levels for the week are

Long above 10395 , Tgt  10440 - 10480 - 10520

IF Nifty spot manages to get a close / sustain above 10575 then ,

long again for 10610 - 10720 - 10845

Short below 10240 , Tgt 10190 - 10155 - 10115

IF Nifty spot manages to get a close / sustain below 10060 then, 

short again for 10025 - 9915 - 9790

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.