Monday, 2 September 2019

Weekly Spot Outlook Of Nifty For 03rd to 06th Sep

NIFTY

This week Nifty went down by 73 points, then went up by 312 points before finally ending the week with a gain of 194 points compared to last weekly closing. 


Nifty made a high of 11141.75 and made a low of 10756.55 in the previous week.

Had mentioned in previous weekly post that to enter a long trade Nifty needs to sustain/close above 10935 to test 11045 - 11070 initially and closing above it can go further till 11165 - 11270 and to enter a short trade Nifty needs to sustain below 10725 to test 10615 - 10590 initially and closing below it can go further till 10495 - 10390, and we saw Nifty triggering our weekly long trade and make a high of 11141.75 giving 200+ points .


For the coming week :

Those who are looking to enter fresh longs should wait for Nifty to sustain / close above 11145 and then enter for a initial target of 11270 - 11300 and look to hold further only on sustaining or getting a close above 11300 for the next targets of 11410 - 11530. 

&

Those who are looking to enter fresh short should wait for Nifty to sustain / close below 10905 and then enter for a initial target of 10775 - 10745 and look to hold further only on sustaining or getting a close below 10745 for the next targets of 10635 - 10520. 


For the month of September , longs will get confirmed in Nifty with a consecutive close above 11270 for a initial target of 11530 - 11600 and sustaining / closing above 11600 we can see a further move till 11825 - 12070 .  Similarly shorts will get confirmed with a consecutive close below 10775 for  a initial target of 10515 - 10450 and sustaining / closing below 10450 we can see a further move till 10225 - 9975 . 

Now on the upside Nifty has immediate resistance near 11170 - 11270 in the coming sessions and only on getting a consecutive close above 11270 we can see a further upmove .


On the downside Nifty has immediate support near 10870 - 10775 in the coming sessions and on getting a consecutive close below 10775 we can see the correction resume to break the lows made in August.


Nifty Spot Levels for the week are

Long above 11100 , Tgt  11145 - 11180 - 11215

IF Nifty spot manages to get a close / sustain above 11270 then ,

long again for 11300 - 11410 - 11530

Short below 10950 , Tgt 10905 - 10865 - 10830

IF Nifty spot manages to get a close / sustain below 10775 then, 

short again for 10745 - 10635 - 10520


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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