Saturday, 9 March 2019

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

NIFTY

This week Nifty went down by 47 points ,then went up by 225 points before finally ending the week with a gain of 172 points compared to last weekly closing. 

As per levels given for the previous week Nifty Spot needed to sustain and close above 10925 to confirm uptrend and Nifty spot needed to sustain and close below 10800 to confirm downtrend for the week. Nifty made a high of 11089.05 and made a low of 10817

Had mentioned in previous weekly post that Nifty needs to sustain above 10925 to test 10990 - 11005 initially and above it further till 11060 - 11120 and Nifty needs to sustain below 10800 to test 10740 - 10725 initially and below it further till 10665 - 10605, and we saw Nifty confirm our long trade and make a high of 11089.05 completing nearly all our targets giving 175+ points. 


For the coming week :

Those who are looking to enter fresh longs should wait for Nifty to sustain / close above 11095 and then enter for a initial target of 11155 - 11175 and look to hold further only on sustaining or getting a close above 11175 for the next targets of 11225 - 11285. 

&

Those who are looking to enter fresh short should wait for Nifty to sustain / close below 10975 and then enter for a initial target of 10915 - 10900 and look to hold further only on sustaining or getting a close below 10900 for the next targets of 10845 - 10790. 


Had mentioned " 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 . " , and Nifty did our initial targets with a high of 11089.05. 

Nifty now has good support at 10915 - 10900 and it needs to hold these levels on a correction for the upmove to remain intact .  

On the upside Nifty has immediate resistance near 11095 - 11115 where shorts can get active again and moving past this resistance on good volumes can see a test of 11170 - 11240 .


Nifty Spot Levels for the week are

Long above 11075 , Tgt  11095 - 11115 - 11130

IF Nifty spot manages to get a close / sustain above 11155 then ,

long again for 11175 - 11225 - 11285

Short below 11000 , Tgt 10975 - 10960 - 10940

IF Nifty spot manages to get a close / sustain below 10915 then, 

short again for 10900 - 10845 - 10790


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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