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

NIFTY

This week Nifty went down by 37 points , then went up by 396 points before finally ending the week with a gain of 350 points compared to last weekly closing. 

As per levels given for the previous week Nifty Spot needed to sustain and close above 10605 to confrim uptrend and Nifty spot needed to sustain and close below 10450 to confirm downtrend for the week. Nifty made a high of 10922.45 and made a low of 10489.75. 

In the previous week had mentioned that " Now in the coming week Nifty needs to break and sustain above 10605 to test 10685 - 10705 initially and above it we can see a test of 10775 - 10855 . Breaking and sustaining below 10450 we can see a test of 10370 - 10350 initially and below it we can see a test of 10280 - 10200. Those who are looking to enter fresh longs should wait for Nifty to sustain / close above 10605 and enter with a stoploss of 10550 for a initial target of 10685 - 10705 and look to hold further only on sustaining or getting a close above the initial target. Those who are looking to enter fresh shorts should wait for Nifty to sustain / close below 10450 to enter with a stoploss of 10505 for a initial target of 10370 - 10350 and hold further only on sustaining or getting a close below the initial target zone .  ", and Nifty initially triggered our long trade and completed all our weekly long targets doing 300+ points . 

Now in the coming week Nifty needs to break and sustain above 10960 to test 11045 - 11065 initially and above it we can see a test of 11135 - 11220 . Breaking and sustaining below 10795 we can see a test of 10710 - 10690 initially and below it we can see a test of 10615 - 10535. Those who are looking to enter fresh longs should wait for Nifty to sustain / close above 10960 and enter with a stoploss of 10900 for a initial target of 11045 - 11065 and look to hold further only on sustaining or getting a close above the initial target zone . Those who are looking to enter fresh short should wait for Nifty to sustain / close below 10795 and enter with a stoploss of 10855 for a initial target of 10710 - 10690 and hold further only on sustaining or getting a close below the initial target zone . 

For the month of December , longs will get confirmed in Nifty with a consecutive close above 11045 for a initial target of 11220 - 11265 and sustaining / closing above it we can see a further move till 11415 - 11585 .  Similarly shorts will get confirmed with a consecutive close below 10710 for  a initial target of 10535 - 10490 and sustaining / closing below it we can see a further move till 10340 - 10170 . In the month of October Nifty gave 700+ points from the short trade . 

Had mentioned earlier that " Nifty has strong resistance near 10775 - 10885 which needs to be crossed strongly on a closing basis now for the bear grip to become weaker . Stoploss for positional shorts is at 10890 and unless we get a strong close above it bears will have the upper hand. " , and Nifty has so far made a high of 10922.45 and closed at 10876.75 . The coming week we should see a close above 10890 after coming so close.

Nifty Spot Levels for the week are

Long above 10930 , Tgt  10960 - 10985 - 11005

IF Nifty spot manages to get a close / sustain above 11045 then ,

long again for 11065 - 11135 - 11220

Short below 10825 , Tgt 10795 - 10770 - 10745

IF Nifty spot manages to get a close / sustain below 10710 then, 

short again for 10690 - 10615 - 10535

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.