Weekly Spot Outlook Of Nifty For 29th Jul to 02nd Aug

NIFTY

This week Nifty went down by 209 points, before finally ending the week with a loss of 135 points compared to last weekly closing. 

As per levels given for the previous week Nifty Spot needed to sustain and close above 11500 to confirm uptrend and Nifty spot needed to sustain and close below 11340 to confirm downtrend for the week. Nifty made a high of 11398.15 and made a low of 11210.05

Had mentioned in previous weekly post that Nifty needs to sustain above 11500 to test 11585 - 11605 initially and closing above it can go further till 11675 - 11755 and Nifty needs to sustain below 11340 to test 11255 - 11235 initially and closing below it can go further till 11165 - 11085, and we saw Nifty initially triggering our weekly short trade and make a low of 11210.05 giving 100+ points .

For the coming week :

Those who are looking to enter fresh longs should wait for Nifty to sustain / close above 11355 and then enter for a initial target of 11430 - 11450 and look to hold further only on sustaining or getting a close above 11450 for the next targets of 11515 - 11585. 

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Those who are looking to enter fresh short should wait for Nifty to sustain / close below 11215 and then enter for a initial target of 11140 - 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 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 . 

Nifty had confirmed our monthly shorts and nearly completed all our  targets with a low of 11210.05 .

Now on the downside Nifty has immediate support near 11155 - 11105 and it needs to hold these levels on closing basis on any further correction in the coming week for a bounce .

Nifty Spot Levels for the week are

Long above 11330 , Tgt  11355 - 11375 - 11400

IF Nifty spot manages to get a close / sustain above 11430 then ,

long again for 11450 - 11515 - 11585

Short below 11240 , Tgt 11215 - 11190 - 11170

IF Nifty spot manages to get a close / sustain below 11140 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.