Weekly Spot Outlook Of Nifty for 21st to 25th Jan

NIFTY

This week Nifty went down by 103 points , then went up by 136 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 10840 to confrim uptrend and Nifty spot needed to sustain and close below 10725 to confirm downtrend for the week. Nifty made a high of 10930.65 and made a low of 10692.35. 

In the previous week had mentioned that " Now in the coming week Nifty needs to break and sustain above 10865 to test 10935 - 10955 initially and above it we can see a test of 11015 - 11085 .Breaking and sustaining below 10725 we can see a test of 10655 - 10635 initially and below it we can see a test of 10575 - 10505. Those who are looking to enter fresh longs should wait for Nifty to sustain / close above 10865 and enter with a stoploss of 10815 for a initial target of 10935 - 10955 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 10725 to enter with a stoploss of 10775 for a initial target of 10655 - 10635 and hold further only on sustaining or getting a close below the initial target zone .  ", and Nifty triggered our long trade and did our initial targets with a high of 10930.65 . 

Now in the coming week Nifty needs to break and sustain above 10965 to test 11025 - 11045 initially and above it we can see a test of 11095 - 11155 . Breaking and sustaining below 10850 we can see a test of 10785 - 10770 initially and below it we can see a test of 10720 - 10660. Those who are looking to enter fresh longs should wait for Nifty to sustain / close above 10965 and enter with a stoploss of 10925 for a initial target of 11025 - 11045 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 10850 and enter with a stoploss of 10890 for a initial target of 10785 - 10770 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 10945 , Tgt  10965 - 10985 - 11000

IF Nifty spot manages to get a close / sustain above 11025 then ,

long again for 11045 - 11095 - 11155

Short below 10870 , Tgt 10850 - 10830 - 10815

IF Nifty spot manages to get a close / sustain below 10785 then, 

short again for 10770 - 10720 - 10660

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.