Saturday, 29 June 2019

Weekly Spot Outlook Of Nifty For 01st to 05th Jul



NIFTY

This week Nifty went down by 73 points , it then went up by 187 points , before finally ending the week with a gain of 65 points compared to last weekly closing. 

As per levels given for the previous week Nifty Spot needed to sustain and close above 11810 to confirm uptrend and Nifty spot needed to sustain and close below 11640 to confirm downtrend for the week. Nifty made a high of 11911.15 and made a low of 11651.10

Had mentioned in previous weekly post that Nifty needs to sustain above 11810 to test 11900 - 11920 initially and closing above it can go further till 12000 - 12080 and Nifty needs to sustain below 11640 to test 11550 - 11525 initially and closing below it can go further till 11450 - 11370, and we saw Nifty triggering our weekly long trade and make a high of 11911.15 completing our initial targets and giving 100 points . 

For the coming week :

Those who are looking to enter fresh longs should wait for Nifty to sustain / close above 11860 and then enter for a initial target of 11935 - 11955 and look to hold further only on sustaining or getting a close above 11955 for the next targets of 12020 - 12090. 

&

Those who are looking to enter fresh short should wait for Nifty to sustain / close below 11715 and then enter for a initial target of 11640 - 11620 and look to hold further only on sustaining or getting a close below 11620 for the next targets of 11555 - 11485. 


For the month of July , longs will get confirmed in Nifty with a consecutive close above 11940 for a initial target of 12095 - 12135 and sustaining / closing above it we can see a further move till 12270 - 12420 .  Similarly shorts will get confirmed with a consecutive close below 11640 for  a initial target of 11480 - 11440 and sustaining / closing below it we can see a further move till 11305 - 11155 . 



Now on the downside Nifty has immediate support near 11670 - 11640 and it needs to hold this levels on closing basis in the month of July on a correction for a bounce . 


Nifty Spot Levels for the week are

Long above 11835 , Tgt  11860 - 11885 - 11905

IF Nifty spot manages to get a close / sustain above 11935 then ,

long again for 11955 - 12020 - 12090

Short below 11745 , Tgt 11715 - 11695 - 11670

IF Nifty spot manages to get a close / sustain below 11640 then, 

short again for 11620 - 11555 - 11485


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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