Weekly Spot Outlook Of Nifty for 18th to 22nd Mar

NIFTY

This week Nifty went up by 451.60 points , before finally ending the week with a gain of 391.45 points compared to last weekly closing. 

As per levels given for the previous week Nifty Spot needed to sustain and close above 11095 to confirm uptrend and Nifty spot needed to sustain and close below 10975 to confirm downtrend for the week. Nifty made a high of 11487 and made a low of 11059.85 

Had mentioned in previous weekly post that Nifty needs to sustain above 11095 to test 11155 - 11175 initially and above it further till 11225 - 11285 and Nifty needs to sustain below 10975 to test 10915 - 10900 initially and below it further till 10845 - 10790, and we saw Nifty confirm our long trade and make a high of 11487 completing all our targets and exceeding it as our monthly long trade also got confirmed giving 400 points. 

For the coming week :

Those who are looking to enter fresh longs should wait for Nifty to sustain / close above 11485 and then enter for a initial target of 11550 - 11565 and look to hold further only on sustaining or getting a close above 11565 for the next targets of 11615 - 11675. 

&

Those who are looking to enter fresh short should wait for Nifty to sustain / close below 11365 and then enter for a initial target of 11305 - 11290 and look to hold further only on sustaining or getting a close below 10900 for the next targets of 11235 - 11175. 

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 completed all our targets and exceeded it by 100 points by making a high of 11487 . 

Nifty now has strong support at 11170 - 11050 and it needs to hold these levels on a correction for the upmove to remain intact .  

On the upside Nifty has immediate resistance near 11495 - 11585 where shorts can get active again and moving past this resistance on good volumes can see the all time high get tested.

Nifty Spot Levels for the week are

Long above 11465 , Tgt  11485 - 11505 - 11525

IF Nifty spot manages to get a close / sustain above 11550 then ,

long again for 11565 - 11615 - 11675

Short below 11390 , Tgt 11365 - 11350 - 11330

IF Nifty spot manages to get a close / sustain below 11305 then, 

short again for 11290 - 11235 - 11175

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.