Saturday, 23 February 2019

Weekly Spot Outlook for 25th Feb to 01st Mar

NIFTY

This week Nifty went down by 139 points ,then went up by 84 points before finally ending the week with a gain of 67 points compared to last weekly closing. 

As per levels given for the previous week Nifty Spot needed to sustain and close above 10790 to confirm uptrend and Nifty spot needed to sustain and close below 10660 to confirm downtrend for the week. Nifty made a high of 10808.85 and made a low of 10585.65

Had mentioned in previous weekly post that Nifty needs to sustain above 10790 to test 10860 - 10875 initially and above it further till 10935 - 11000 and Nifty needs to sustain below 10660 to test 10590 - 10575 initially and below it further till 10515 - 10450, and we saw Nifty confirm our short trade and make a low of 10585.65 completing our initial targets. We got a borderline close at 10790 on Friday . 

Now in the coming week Nifty needs to break and sustain above 10855 to test 10925 - 10940 initially and above it we can see a test of 10995 - 11060 . Breaking and sustaining below 10725 we can see a test of 10660 - 10645 initially and below it we can see a test of 10585 - 10525. 

Those who are looking to enter fresh longs should wait for Nifty to sustain / close above 10855 and enter with a stoploss of 10810 for a initial target of 10925 - 10940 and look to hold further only on sustaining or getting a close above 10940 for the next targets . 

Those who are looking to enter fresh short should wait for Nifty to sustain / close below 10725 and enter with a stoploss of 10775 for a initial target of 10660 - 10645 and hold further only on sustaining or getting a close below 10645 for the next targets. 


Had mentioned that " For the month of February , longs will get confirmed in Nifty with a consecutive close above 11010 for a initial target of 11195 - 11245 and sustaining / closing above it we can see a further move till 11405 - 11580 .  Similarly shorts will get confirmed with a consecutive close below 10655 for  a initial target of 10465 - 10420 and sustaining / closing below it we can see a further move till 10260 - 10080 . " , and Nifty this month has whipsawed both long and short trades on monthly levels . 

Nifty now has support at 10655 - 10555 and it needs to hold these levels on the downside for a upmove to remain intact .  

On the upside Nifty has strong resistance near 10940 - 11000 where shorts will get active again incase it manages to move past 10860 - 10875 levels.


Nifty Spot Levels for the week are

Long above 10830 , Tgt  10855 - 10875 - 10895

IF Nifty spot manages to get a close / sustain above 10925 then ,

long again for 10940 - 10995 - 11060

Short below 10750 , Tgt 10725 - 10710 - 10690

IF Nifty spot manages to get a close / sustain below 10660 then, 

short again for 10645 - 10585 - 10525


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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