Saturday, 7 September 2019

Weekly Spot Outlook Of Nifty For 09th to 13th Sep

NIFTY

This past week Nifty went down by 250 points, before finally ending the week with a loss of 77 points compared to last weekly closing. 


Nifty made a high of 10967.50 and made a low of 10746.35 in the previous week.

Had mentioned in previous weekly post that to enter a long trade Nifty needs to sustain/close above 11145 to test 11270 - 11300 initially and closing above it can go further till 11410 - 11530 and to enter a short trade Nifty needs to sustain below 10905 to test 10775 - 10745 initially and closing below it can go further till 10635 - 10520, and we saw Nifty triggering our weekly short trade and make a low of 10746.35 giving 150+ points .


For the coming week :

Those who are looking to enter fresh longs should wait for Nifty to sustain / close above 11070 and then enter for a initial target of 11200 - 11235 and look to hold further only on sustaining or getting a close above 11235 for the next targets of 11345 - 11470. 

&

Those who are looking to enter fresh short should wait for Nifty to sustain / close below 10825 and then enter for a initial target of 10690 - 10660 and look to hold further only on sustaining or getting a close below 10660 for the next targets of 10545 - 10425. 


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 11025 , Tgt  11070 - 11110 - 11145

IF Nifty spot manages to get a close / sustain above 11200 then ,

long again for 11235 - 11345 - 11470

Short below 10870 , Tgt 10825 - 10785 - 10745

IF Nifty spot manages to get a close / sustain below 10690 then, 

short again for 10660 - 10545 - 10425


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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