Saturday, 29 December 2018

Weekly Spot Outlook Of Nifty for 31st Dec to 04th Jan

NIFTY

This week Nifty went down by 219 points , then went up by 140 points before finally ending the week with a gain of 106 points compared to last weekly closing. 

As per levels given for the previous week Nifty Spot needed to sustain and close above 10855 to confrim uptrend and Nifty spot needed to sustain and close below 10655 to confirm downtrend for the week. Nifty made a high of 10893.60 and made a low of 10534.55. 

In the previous week had mentioned that " Now in the coming week Nifty needs to break and sustain above 10855 to test 10955 - 10980 initially and above it we can see a test of 11070 - 11170 .Breaking and sustaining below 10655 we can see a test of 10555 - 10525 initially and below it we can see a test of 10440 - 10340. Those who are looking to enter fresh longs should wait for Nifty to sustain / close above 10855 and enter with a stoploss of 10785 for a initial target of 10955 - 10980 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 10655 to enter with a stoploss of 10725 for a initial target of 10555 - 10525 and hold further only on sustaining or getting a close below the initial target zone .  ", and Nifty triggered our short trade and completed our initial targets of 10555 - 10525 with a low of 10534.55 and bounced back . 

Now in the coming week Nifty needs to break and sustain above 10950 to test 11045 - 11070 initially and above it we can see a test of 11150 - 11240 . Breaking and sustaining below 10770 we can see a test of 10675 - 10650 initially and below it we can see a test of 10570 - 10480. Those who are looking to enter fresh longs should wait for Nifty to sustain / close above 10950 and enter with a stoploss of 10885 for a initial target of 11045 - 11070 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 10770 and enter with a stoploss of 10835 for a initial target of 10675 - 10650 and hold further only on sustaining or getting a close below the initial target zone . 


For the month of January , longs will get confirmed in Nifty with a consecutive close above 10960 for a initial target of 11145 - 11195 and sustaining / closing above it we can see a further move till 11355 - 11530 .  Similarly shorts will get confirmed with a consecutive close below 10600 for  a initial target of 10415 - 10370 and sustaining / closing below it we can see a further move till 10205 - 10030 . 

Had mentioned in the previous weekly post " Now we are entering a truncated expiry week and with the persistent weakness in global markets , if we break and sustain below 10710 we can see a quick move till 10535 - 10490 zone where we have the immediate support ." and we saw Nifty make a low of 10534.55 testing our support and bounce back strongly.

Nifty is approaching its immediate resistance zone now of 10950 - 10970 and it needs to give a strong consecutive close above it for this upmove to go further towards 11145 - 11195 initially else we can see selling pressure begin again.


Nifty Spot Levels for the week are

Long above 10915 , Tgt  10950 - 10980 - 11005

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

long again for 11070 - 11150 - 11240

Short below 10805 , Tgt 10770 - 10740 - 10715

IF Nifty spot manages to get a close / sustain below 10675 then, 

short again for 10650 - 10570 - 10480

This is the last weekly post on Nifty for this year and i would like to thank all the readers for their support towards the blog and i wish everyone a very happy , safe and prosperous new year 2019.


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.