Sunday, 24 March 2019

Weekly Spot Outlook Of Nifty for 25th to 29th Mar

NIFTY

This week Nifty went down by 14 points , then went up by 146 points before finally ending the week with a gain of 30 points compared to last weekly closing. 

As per levels given for the previous week Nifty Spot needed to sustain and close above 11485 to confirm uptrend and Nifty spot needed to sustain and close below 10365 to confirm downtrend for the week. Nifty made a high of 11572.80 and made a low of 11412.50

Had mentioned in previous weekly post that Nifty needs to sustain above 11485 to test 11550 - 11565 initially and closing above it further till 11615 - 11675 and Nifty needs to sustain below 11365 to test 11305 - 11290 initially and closing below it further till 11235 - 11175, and we saw Nifty confirm our long trade and make a high of 11572.80 completing our initial targets . 


For the coming week :

Those who are looking to enter fresh longs should wait for Nifty to sustain / close above 11520 and then enter for a initial target of 11590 - 11605 and look to hold further only on sustaining or getting a close above 11605 for the next targets of 11665 - 11725. 

&

Those who are looking to enter fresh short should wait for Nifty to sustain / close below 11390 and then enter for a initial target of 11325 - 11310 and look to hold further only on sustaining or getting a close below 11310 for the next targets of 11250 - 11185. 


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 nearly 200 points by making a high of 11572.80 . 

Nifty now has strong support at 11325 - 11310 and it needs to hold these levels on a correction this week .   

As mentioned last week  , " 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" and we saw Nifty make a high of 11572.80 last week within our resistance zone and correct by around 125+ points the same day. 


Nifty Spot Levels for the week are

Long above 11495 , Tgt  11520 - 11540 - 11560

IF Nifty spot manages to get a close / sustain above 11590 then ,

long again for 11605 - 11665 - 11725

Short below 11415 , Tgt 11390 - 11375 - 11355

IF Nifty spot manages to get a close / sustain below 11325 then, 

short again for 11310 - 11250 - 11185


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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