Saturday 5 January 2019

Weekly Spot Outlook Of Nifty for 07th to 11th Jan

NIFTY

This week Nifty went up by 64 points , then went down by 231 points before finally ending the week with a loss of 133 points compared to last weekly closing. 

As per levels given for the previous week Nifty Spot needed to sustain and close above 10950 to confrim uptrend and Nifty spot needed to sustain and close below 10770 to confirm downtrend for the week. Nifty made a high of 10923.60 and made a low of 10628.65. 

In the previous week had mentioned that " 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. Those who are looking to enter fresh shorts should wait for Nifty to sustain / close below 10770 to 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 .  ", and Nifty triggered our short trade and completed our initial targets of 10675 - 10650 with a low of 10628.65 . 

Now in the coming week Nifty needs to break and sustain above 10805 to test 10890 - 10910 initially and above it we can see a test of 10985 - 11060 . Breaking and sustaining below 10650 we can see a test of 10565 - 10545 initially and below it we can see a test of 10475 - 10395. Those who are looking to enter fresh longs should wait for Nifty to sustain / close above 10805 and enter with a stoploss of 10750 for a initial target of 10890 - 10910 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 10650 and enter with a stoploss of 10705 for a initial target of 10565 - 10545 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 . 

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


Nifty Spot Levels for the week are

Long above 10775 , Tgt  10805 - 10830 - 10855

IF Nifty spot manages to get a close / sustain above 10890 then ,

long again for 10910 - 10985 - 11060

Short below 10680 , Tgt 10650 - 10625 - 10600

IF Nifty spot manages to get a close / sustain below 10565 then, 

short again for 10545 - 10475 - 10395


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 .

If you want to see the post in your Inbox , kindly register by adding your email id in  the 'Subscribe to my posts' section on the top right side of the blog.

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.

No comments:

Post a Comment