Friday, 20 September 2019

Weekly Spot Outlook Of Nifty For 23rd to 27th Sep

NIFTY

This past week Nifty went down by 405 points, then went up by 306 points before finally ending the week with a gain of 198 points compared to last weekly closing. 


Nifty made a high of 11381.90 and made a low of 10670.25 in the previous week.

Had mentioned in previous weekly post that to enter a long trade Nifty needs to sustain/close above 11175 to test 11280 - 11305 initially and closing above it can go further till 11395 - 11490 and to enter a short trade Nifty needs to sustain below 10975 to test 10875 - 10850 initially and closing below it can go further till 10760 - 10660, and we saw Nifty initially trigger our short trade and complete all short targets on Thursday giving 300 points. On Friday after the announcement of corporate tax rate cuts and other sops by the government we saw a huge rally which got more fuelled by short covering too triggering our weekly long trade and again completing our initial targets and nearly testing our next targer giving 200 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 11490 and then enter for a initial target of 11720 - 11775 and look to hold further only on sustaining or getting a close above 11775 for the next targets of 11970 - 12190. 

&

Those who are looking to enter fresh short should wait for Nifty to sustain / close below 11060 and then enter for a initial target of 10830 - 10775 and look to hold further only on sustaining or getting a close below 10775 for the next targets of 10575 - 10360. 


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 . 

As mentioned in the earlier posts " 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 ." , and Nifty has given a close above 11270 on Friday and sustaining above it in the coming session we can see a move towards our initial monthly long targets


Also as mentioned in the earlier posts " 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." , and we saw Nifty give a close well below 10775 on Thursday but it failed to give a consecutive close to correct further in this month.


Nifty Spot Levels for the week are

Long above 11410 , Tgt  11490 - 11555 - 11625

IF Nifty spot manages to get a close / sustain above 11720 then ,

long again for 11775 - 11970 - 12190

Short below 11140 , Tgt 11060 - 10990 - 10925

IF Nifty spot manages to get a close / sustain below 10830 then, 

short again for 10775 - 10575 - 10360


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 .

If you want to see the post in your Inbox , kindly register by adding your email id in  the 'Subscribe to my posts' section on the top right side of the blog.

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.

No comments:

Post a Comment