Sunday, 3 March 2019

Weekly Spot Outlook Of Nifty for 05th to 08th Mar

NIFTY

This week Nifty went down by 62 points ,then went up by 148 points before finally ending the week with a gain of 72 points compared to last weekly closing. 

As per levels given for the previous week Nifty Spot needed to sustain and close above 10855 to confirm uptrend and Nifty spot needed to sustain and close below 10725 to confirm downtrend for the week. Nifty made a high of 10939.70 and made a low of 10729.30

Had mentioned in previous weekly post that Nifty needs to sustain above 10855 to test 10925 - 10940 initially and above it further till 10995 - 11060 and Nifty needs to sustain below 10725 to test 10660 - 10645 initially and below it further till 10585 - 10525, and we saw Nifty confirm our long trade and make a high of 10939.70 completing our initial targets. 


For the coming week :

Those who are looking to enter fresh longs should wait for Nifty to sustain / close above 10925 and then enter for a initial target of 10990 - 11005 and look to hold further only on sustaining or getting a close above 11005 for the next targets of 11060 - 11120. 

&

Those who are looking to enter fresh short should wait for Nifty to sustain / close below 10800 and then enter for a initial target of 10740 - 10725 and look to hold further only on sustaining or getting a close below 10725 for the next targets of 10665 - 10605. 


For the month of March , longs will get confirmed in Nifty with a consecutive close above 10930 for a initial target of 11075 - 11115 and sustaining / closing above it we can see a further move till 11240 - 11380 .  Similarly shorts will get confirmed with a consecutive close below 10655 for  a initial target of 10510 - 10470 and sustaining / closing below it we can see a further move till 10345 - 10205 . 

Nifty now has immediate support at 10740 - 10725 and it needs to hold these levels on a correction for the upmove to remain intact .  

On the upside Nifty has strong resistance near 10900 - 10930 where shorts can get active again and moving past this resistance on good volumes can see a test of 11050 - 11170 .


Nifty Spot Levels for the week are

Long above 10900 , Tgt  10925 - 10945 - 10960

IF Nifty spot manages to get a close / sustain above 10990 then ,

long again for 11005 - 11060 - 11120

Short below 10825 , Tgt 10800 - 10785 - 10765

IF Nifty spot manages to get a close / sustain below 10740 then, 

short again for 10725 - 10665 - 10605


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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