Sunday, 16 December 2018

Weekly Spot Outlook of Nifty for 17th to 21st Dec

NIFTY

This week Nifty went down by 360 points , then went up by 145 points before finally ending the week with a gain of 112 points compared to last weekly closing. 

As per levels given for the previous week Nifty Spot needed to sustain and close above 10785 to confrim uptrend and Nifty spot needed to sustain and close below 10605 to confirm downtrend for the week. Nifty made a high of 10838.60 and made a low of 10333.85. 

In the previous week had mentioned that " 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. Those who are looking to enter fresh shorts should wait for Nifty to sustain / close below 10605 to enter with a stoploss of 10855 for a initial target of 10510 - 10485 and hold further only on sustaining or getting a close below the initial target zone .  ", and Nifty initially triggered our short trade and completed all weekly short targets doing 300 points and had mentioned to exit too in the lower range . Nifty then bounced back to trigger our weekly longs and completed our initial 3 targets doing 90 points.

Now in the coming week Nifty needs to break and sustain above 10930 to test 11065 - 11095 initially and above it we can see a test of 11210 - 11335 . Breaking and sustaining below 10680 we can see a test of 10550 - 10515 initially and below it we can see a test of 10400 - 10280. Those who are looking to enter fresh longs should wait for Nifty to sustain / close above 10930 and enter with a stoploss of 10845 for a initial target of 11065 - 11095 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 10680 and enter with a stoploss of 10770 for a initial target of 10550 - 10515 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 had confirmed our monthly shorts with a consecutive close below 10710 as mentioned last week and we got a low of 10333.85 testing our next target zone of 10340 - 10170 giving 370 points. Had mentioned to exit once near 10340 as was expecting a pull back and Nifty bounced back 500 points .  

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 10885 , Tgt  10930 - 10970 - 11010

IF Nifty spot manages to get a close / sustain above 11065 then ,

long again for 11095 - 11210 - 11335

Short below 10725 , Tgt 10680 - 10640 - 10605

IF Nifty spot manages to get a close / sustain below 10550 then, 

short again for 10515 - 10400 - 10280

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.

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