Saturday, 24 August 2019

Weekly Spot Outlook Of Nifty For 26th to 30th Aug

NIFTY

This week Nifty went up by 36 points, then went up by 99 points then went down by 410 points before finally ending the week with a loss of 218 points compared to last weekly closing. 

As per levels given for the previous week Nifty Spot needed to sustain and close above 11165 to confirm uptrend and Nifty spot needed to sustain and close below 10930 to confirm downtrend for the week. Nifty made a high of 11146.90 and made a low of 10637.15

Had mentioned in previous weekly post that Nifty needs to sustain above 11165 to test 11285 - 11315 initially and closing above it can go further till 11420 - 11535 and Nifty needs to sustain below 10930 to test 10810 - 10780 initially and closing below it can go further till 10675 - 10560, and we saw Nifty triggering our weekly short trade and make a low of 10637.15 hitting our next target zone of 10675 - 10560 and giving 275+ points .


For the coming week :

Those who are looking to enter fresh longs should wait for Nifty to sustain / close above 10935 and then enter for a initial target of 11045 - 11070 and look to hold further only on sustaining or getting a close above 11070 for the next targets of 11165 - 11270. 

&

Those who are looking to enter fresh short should wait for Nifty to sustain / close below 10725 and then enter for a initial target of 10615 - 10590 and look to hold further only on sustaining or getting a close below 10590 for the next targets of 10495 - 10390. 


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 had confirmed our short trade for the moth and has now made a low of 10637.15 reaching our next target zone of 10690 - 10560 . For further correction we need to get a close below 10685 and as long as its held we can expect a bounce now towards 11000 levels again. 

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  . 



Nifty Spot Levels for the week are

Long above 10895 , Tgt  10935 - 10965 - 11000

IF Nifty spot manages to get a close / sustain above 11045 then ,

long again for 11070 - 11165 - 11270

Short below 10765 , Tgt 10725 - 10695 - 10660

IF Nifty spot manages to get a close / sustain below 10615 then, 

short again for 10590 - 10495 - 10390


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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