Saturday, 11 May 2019

Weekly Spot Outlook Of Nifty For 13th to 17th May

NIFTY

This week Nifty went down by 461 points , before finally ending the week with a loss of 433 points compared to last weekly closing. 

As per levels given for the previous week Nifty Spot needed to sustain and close above 11800 to confirm uptrend and Nifty spot needed to sustain and close below 11620 to confirm downtrend for the week. Nifty made a high of 11657.05 and made a low of 11251.05

Had mentioned in previous weekly post that Nifty needs to sustain above 11800 to test 11895 - 11920 initially and closing above it can go further till 12000 - 12090 and Nifty needs to sustain below 11620 to test 11530 - 11505 initially and closing below it can go further till 11425 - 11335, and we saw Nifty confirm our short trade and complete all our short targets giving 400 points and also exceed it by further 80 points as it also triggered our monthly short trade. 

For the coming week :

Those who are looking to enter fresh longs should wait for Nifty to sustain / close above 11350 and then enter for a initial target of 11425 - 11440 and look to hold further only on sustaining or getting a close above 11440 for the next targets of 11505 - 11575. 

&

Those who are looking to enter fresh short should wait for Nifty to sustain / close below 11210 and then enter for a initial target of 11135 - 11120 and look to hold further only on sustaining or getting a close below 11120 for the next targets of 11055 - 10985. 


For the month of May , longs will get confirmed in Nifty with a consecutive close above 11945 for a initial target of 12155 - 12210 and sustaining / closing above it we can see a further move till 12390 - 12585 .  Similarly shorts will get confirmed with a consecutive close below 11550 for  a initial target of 11340 - 11290 and sustaining / closing below it we can see a further move till 11110 - 10910 . 

Nifty now has immediate resistance  at 11350 - 11450 and it needs to break and close above these levels for a pullback .  Those who are short from 11650 last week and are still holding should now move their trailing cbsl to 11350. 

On the downside Nifty has immediate support near 11235 - 11210 and it needs to hold this on closing on a correction this week to expect a bounce . 


Nifty Spot Levels for the week are

Long above 11325 , Tgt  11350 - 11370 - 11390

IF Nifty spot manages to get a close / sustain above 11425 then ,

long again for 11440 - 11505 - 11575

Short below 11235 , Tgt 11210 - 11190 - 11165

IF Nifty spot manages to get a close / sustain below 11135 then, 

short again for 11120 - 11055 - 10985


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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