Saturday, 8 December 2018

Weekly Spot Outlook of Nifty for 10th to 14th Dec

NIFTY

This week Nifty went up by 65 points , then went down by 289 points before finally ending the week with a loss of 183 points compared to last weekly closing. 

As per levels given for the previous week Nifty Spot needed to sustain and close above 10960 to confrim uptrend and Nifty spot needed to sustain and close below 10795 to confirm downtrend for the week. Nifty made a high of 10941.20 and made a low of 10588.25. 

In the previous week had mentioned that " 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. Those who are looking to enter fresh shorts should wait for Nifty to sustain / close below 10795 to 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 .  ", and Nifty  triggered our short trade and nearly completed all weekly short targets doing 225+ points . 

Now in the coming week Nifty needs to break and sustain above 10785 to test 10880 - 10905 initially and above it we can see a test of 10985 - 11075 . Breaking and sustaining below 10605 we can see a test of 10510 - 10485 initially and below it we can see a test of 10405 - 10315. Those who are looking to enter fresh longs should wait for Nifty to sustain / close above 10785 and enter with a stoploss of 10720 for a initial target of 10880 - 10905 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 10605 and enter with a stoploss of 10665 for a initial target of 10510 - 10485 and hold further only on sustaining or getting a close below the initial target zone . 


As mentioned " 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 . " , and Nifty has confirmed our monthly shorts with a consecutive close below 10710 and we can see a test of 10535 - 10490 initially. 

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 10941.20 and closed at 10883.75 failing to close above it after coming so close . 


Nifty Spot Levels for the week are

Long above 10750 , Tgt  10785 - 10810 - 10840

IF Nifty spot manages to get a close / sustain above 10880 then ,

long again for 10905 - 10985 - 11075

Short below 10635 , Tgt 10605 - 10575 - 10550

IF Nifty spot manages to get a close / sustain below 10510 then, 

short again for 10485 - 10405 - 10315

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.