Saturday, 2 February 2019

Weekly Spot Outlook Of Nifty for 04th to 08th Feb

NIFTY

This week Nifty went down by 197 points , then went up by 203 points before finally ending the week with a gain of 113 points compared to last weekly closing. 

As per levels given for the previous week Nifty Spot needed to sustain and close above 10850 to confrim uptrend and Nifty spot needed to sustain and close below 10715 to confirm downtrend for the week. Nifty made a high of 10983.45 and made a low of 10583.65. 

Had mentioned in previous weekly post that Nifty needs to sustain above 10850 to test 10920 - 10940 initially and above it further till 11000 - 11065 and Nifty needs to sustain below 10715 to test 10645 - 10625 initially and below it further till 10565 - 10495, and we saw Nifty initially trigger our short trade and give 150+ points . It then reversed and triggered our long trade and did 115+ points as we had budget too on friday. 

Now in the coming week Nifty needs to break and sustain above 10980 to test 11075 - 11095 initially and above it we can see a test of 11175 - 11260 . Breaking and sustaining below 10805 we can see a test of 10715 - 10690 initially and below it we can see a test of 10615 - 10525. 

Those who are looking to enter fresh longs should wait for Nifty to sustain / close above 10980 and enter with a stoploss of 10920 for a initial target of 11075 - 11095 and look to hold further only on sustaining or getting a close above 11095 for the next targets . 

Those who are looking to enter fresh short should wait for Nifty to sustain / close below 10805 and enter with a stoploss of 10870 for a initial target of 10715 - 10690 and hold further only on sustaining or getting a close below 10690 for the next targets. 


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 . 

Nifty now has resistance at 10980 - 11010 and it needs to hold above these for a further upmove till 11195 - 11245 and failing to do so we can see a correction towards 10805 initialy and below it as per the weekly levels mentioned above for the week .


Nifty Spot Levels for the week are

Long above 10950 , Tgt  10980 - 11010 - 11035

IF Nifty spot manages to get a close / sustain above 11075 then ,

long again for 11095 - 11175 - 11260

Short below 10840 , Tgt 10805 - 10780 - 10755

IF Nifty spot manages to get a close / sustain below 10715 then, 

short again for 10690 - 10615 - 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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