Saturday, 16 February 2019

Weekly Spot Outlook of Nifty for 18th to 22nd Feb

NIFTY

This week Nifty went down by 323 points , before finally ending the week with a loss of 219 points compared to last weekly closing. 

As per levels given for the previous week Nifty Spot needed to sustain and close above 11030 to confirm uptrend and Nifty spot needed to sustain and close below 10860 to confirm downtrend for the week. Nifty made a high of 10930.90 and made a low of 10620.40

Had mentioned in previous weekly post that Nifty needs to sustain above 11030 to test 11115 - 11135 initially and above it further till 11215 - 11295 and Nifty needs to sustain below 10860 to test 10775 - 10750 initially and below it further till 10675 - 10590, and we saw Nifty confirm our short trade and make a low of 10620.40 with our last target zone of 10670 - 10590 giving 270 points .

Now in the coming week Nifty needs to break and sustain above 10790 to test 10860 - 10875 initially and above it we can see a test of 10935 - 11000 . Breaking and sustaining below 10660 we can see a test of 10590 - 10575 initially and below it we can see a test of 10515 - 10450. 

Those who are looking to enter fresh longs should wait for Nifty to sustain / close above 10790 and enter with a stoploss of 10745 for a initial target of 10860 - 10875 and look to hold further only on sustaining or getting a close above 10875 for the next targets . 

Those who are looking to enter fresh short should wait for Nifty to sustain / close below 10660 and enter with a stoploss of 10705 for a initial target of 10590 - 10575 and hold further only on sustaining or getting a close below 10575 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 had confirmed our monthly long trade with a consecutive close but on the back of a few index heavy weights and also Bank Nifty was lagging way behind to give its long confirmation hence has mentioned in the previous week post those who are long should keep a strict cbsl of 10885 for the coming sessions and we saw the stoploss being taken . Nifty came close to confirming the monthly short trade but managed to recover and did not confirm it yet . 

Nifty now has support at 10685 - 10655 and it needs to hold these levels on closing basis for a upmove to resume in the coming week . Breaking and sustaining / or closing below 10655 can see a stronger downmove targeting 10465 - 10420  . 

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 10765 , Tgt  10790 - 10810 - 10830

IF Nifty spot manages to get a close / sustain above 10860 then ,

long again for 10875 - 10935 - 11000

Short below 10685 , Tgt 10660 - 10640 - 10620

IF Nifty spot manages to get a close / sustain below 10590 then, 

short again for 10575 - 10515 - 10450


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