Saturday, 3 August 2019

Weekly Spot Outlook Of Nifty For 05th to 09th Aug

NIFTY

This week Nifty went up by 26 points, then went down by 435 points before finally ending the week with a loss of 287 points compared to last weekly closing. 

As per levels given for the previous week Nifty Spot needed to sustain and close above 11355 to confirm uptrend and Nifty spot needed to sustain and close below 11215 to confirm downtrend for the week. Nifty made a high of 11310.95 and made a low of 10848.95


Had mentioned in previous weekly post that Nifty needs to sustain above 11355 to test 11430 - 11450 initially and closing above it can go further till 11515 - 11585 and Nifty needs to sustain below 11215 to test 11140 - 11120 initially and closing below it can go further till 11055 - 10985, and we saw Nifty initially triggering our weekly short trade and make a low of 10848.95 giving 350+ points .



For the coming week :

Those who are looking to enter fresh longs should wait for Nifty to sustain / close above 11060 and then enter for a initial target of 11120 - 11135 and look to hold further only on sustaining or getting a close above 11135 for the next targets of 11190 - 11250. 

&

Those who are looking to enter fresh short should wait for Nifty to sustain / close below 10935 and then enter for a initial target of 10875 - 10860 and look to hold further only on sustaining or getting a close below 10860 for the next targets of 10805 - 10745. 


For the month of August , longs will get confirmed in Nifty with a consecutive close above 11250 for a initial target of 11390 - 11425 and sustaining / closing above it we can see a further move till 11545 - 11675 .  Similarly shorts will get confirmed with a consecutive close below 10985 for  a initial target of 10845 - 10810 and sustaining / closing below it we can see a further move till 10690 - 10560 . 

Nifty has made a low of 10848.95 near our initial short target but has so far failed to confirm our monthly shorts with a consecutive close below 10985 and has been giving a hovering close around it . 


Now on the upside Nifty has immediate resistance near 11200 - 11250 on sustaining above 11055 in the coming sessions  . On the downside Nifty has immediate support at 10845 - 10810 and only closing below 10810 we can see further correction .


Nifty Spot Levels for the week are

Long above 11035 , Tgt  11060 - 11075 - 11095

IF Nifty spot manages to get a close / sustain above 11120 then ,

long again for 11135 - 11190 - 11250

Short below 10960 , Tgt 10935 - 10920 - 10900

IF Nifty spot manages to get a close / sustain below 10875 then, 

short again for 10860 - 10805 - 10745


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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