Weekly Spot Outlook Of Nifty for 11th to 15th Feb

NIFTY

This week Nifty went down by 80 points , then went up by 2243 points before finally ending the week with a gain of 50 points compared to last weekly closing. 

As per levels given for the previous week Nifty Spot needed to sustain and close above 10980 to confrim uptrend and Nifty spot needed to sustain and close below 10805 to confirm downtrend for the week. Nifty made a high of 11118.10 and made a low of 10814.15. 

Had mentioned in previous weekly post that Nifty needs to sustain above 10980 to test 11075 - 11095 initially and above it further till 11175 - 11260 and Nifty needs to sustain below 10805 to test 10715 - 10690 initially and below it further till 10615 - 10525, and we saw Nifty take support above out short trigger and reverse to trigger our weekly long trade and do 150+ points and complete our initial targets. 

Now in the coming week Nifty needs to break and sustain above 11030 to test 11115 - 11135 initially and above it we can see a test of 11215 - 11295 . Breaking and sustaining below 10860 we can see a test of 10775 - 10750 initially and below it we can see a test of 10675 - 10590. 

Those who are looking to enter fresh longs should wait for Nifty to sustain / close above 11030 and enter with a stoploss of 10970 for a initial target of 11115 - 11135 and look to hold further only on sustaining or getting a close above 11135 for the next targets . 

Those who are looking to enter fresh short should wait for Nifty to sustain / close below 10860 and enter with a stoploss of 10920 for a initial target of 10775 - 10750 and hold further only on sustaining or getting a close below 10750 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 confirmed our monthly long trade with a consecutive close but on the back of a few index heavy weights and also Bank Nifty is lagging way behind to give its long confirmation. Those who are long should keep a strict cbsl of 10885 for the coming sessions. 

Nifty now has support at 10885 - 10835 and it needs to hold these levels for the upmove to resume incase of a further fall in the coming week . Breaking and sustaining / or closing below 10835 can see a stronger downmove . 

Nifty Spot Levels for the week are

Long above 10995 , Tgt  11030 - 11055 - 11080

IF Nifty spot manages to get a close / sustain above 11115 then ,

long again for 11135 - 11215 - 11295

Short below 10890 , Tgt 10860 - 10835 - 10810

IF Nifty spot manages to get a close / sustain below 10775 then, 

short again for 10750 - 10675 - 10590

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.