Weekly Spot Outlook Of Nifty For 16th to 20th Sep

NIFTY

This past week Nifty went down by 56 points, then went up by 138 points before finally ending the week with a gain of 130 points compared to last weekly closing. 

Nifty made a high of 11084.45 and made a low of 10889.80 in the previous week.

Had mentioned in previous weekly post that to enter a long trade Nifty needs to sustain/close above 11070 to test 11200 - 11235 initially and closing above it can go further till 11345 - 11470 and to enter a short trade Nifty needs to sustain below 10825 to test 10690 - 10660 initially and closing below it can go further till 10545 - 10425, and we saw Nifty traded mostly between our long and short trigger levels the entire week before giving a borderline close for longs on Friday indicating indeciveness. 

For the coming week :

Those who are looking to enter fresh longs should wait for Nifty to sustain / close above 11175 and then enter for a initial target of 11280 - 11305 and look to hold further only on sustaining or getting a close above 11305 for the next targets of 11395 - 11490. 

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Those who are looking to enter fresh short should wait for Nifty to sustain / close below 10975 and then enter for a initial target of 10875 - 10850 and look to hold further only on sustaining or getting a close below 10850 for the next targets of 10760 - 10660. 

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 11135 , Tgt  11175 - 11205 - 11235

IF Nifty spot manages to get a close / sustain above 11280 then ,

long again for 11305 - 11395 - 11490

Short below 11015 , Tgt 10975 - 10945 - 10915

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

short again for 10850 - 10760 - 10660

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.