Sunday, 11 August 2019

Weekly Spot Outlook Of Nifty For 13th to 16th Aug

NIFTY

This week Nifty went down by 215 points, then went up by 184 points before finally ending the week with a gain of 112 points compared to last weekly closing. 

As per levels given for the previous week Nifty Spot needed to sustain and close above 11060 to confirm uptrend and Nifty spot needed to sustain and close below 10935 to confirm downtrend for the week. Nifty made a high of 11181.45 and made a low of 10782.60


Had mentioned in previous weekly post that Nifty needs to sustain above 11060 to test 11120 - 11135 initially and closing above it can go further till 11190 - 11250 and Nifty needs to sustain below 10935 to test 10875 - 10860 initially and closing below it can go further till 10805 - 10745, and we saw Nifty initially triggering our weekly short trade and make a low of 10782.60 completing all our weekly short targets giving 175+ points .Nifty then reversed and triggered our weekly long trade and again completed nearly 5 targets giving nearly 125+ points from the long trade.



For the coming week :

Those who are looking to enter fresh longs should wait for Nifty to sustain / close above 11220 and then enter for a initial target of 11335 - 11365 and look to hold further only on sustaining or getting a close above 11365 for the next targets of 11460 - 11570. 

&

Those who are looking to enter fresh short should wait for Nifty to sustain / close below 11000 and then enter for a initial target of 10885 - 10855 and look to hold further only on sustaining or getting a close below 10855 for the next targets of 10760 - 10650. 


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 confirmed our short trade for the moth and has made a low of 10762.80 completing our initial targets . For further correction we need to get a close below 10810 and as long as its held we can expect a bounce . 

Now on the upside Nifty has immediate resistance near 11200 - 11250 in the coming sessions and on getting a consecutive close above 11250 we can see a further upmove 11390 - 11425  . On the downside Nifty has immediate support at 10845 - 10810 and only closing below 10810 we can see further correction towards 10690 - 10560.


Nifty Spot Levels for the week are

Long above 11180 , Tgt  11220 - 11255 - 11285

IF Nifty spot manages to get a close / sustain above 11335 then ,

long again for 11365 - 11460 - 11570

Short below 11040 , Tgt 11000 - 10965 - 10935

IF Nifty spot manages to get a close / sustain below 10885 then, 

short again for 10855 - 10760 - 10650


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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