Saturday, 28 September 2019

Weekly Spot Outlook Of Nifty For 30th Sep to 04th Oct



NIFTY

This past week Nifty went up by 421 points, finally ending the week with a gain of 238 points compared to last weekly closing. 


Nifty made a high of 11694.85 and made a low of 11416.10 in the previous week.

Had mentioned in previous weekly post that to enter a long trade Nifty needs to sustain/close above 11490 to test 11720 - 11775 initially and closing above it can go further till 11970 - 12190 and to enter a short trade Nifty needs to sustain below 11060 to test 10830 - 10775 initially and closing below it can go further till 10575 - 10360, and we saw Nifty trigger our long trade and complete 200 points. 


For the coming week :

Those who are looking to enter fresh longs should wait for Nifty to sustain / close above 11760 and then enter for a initial target of 12020 - 12085 and look to hold further only on sustaining or getting a close above 12085 for the next targets of 12310 - 12560. 

&

Those who are looking to enter fresh short should wait for Nifty to sustain / close below 11265 and then enter for a initial target of 11005 - 10940 and look to hold further only on sustaining or getting a close below 10940 for the next targets of 10715 - 10470. 


For the month of October , longs will get confirmed in Nifty with a consecutive close above 12085 for a initial target of 12630 - 12770 and sustaining / closing above 12770 we can see a further move till 13240 - 13755 .  Similarly shorts will get confirmed with a consecutive close below 11055 for  a initial target of 10510 - 10375 and sustaining / closing below 10375 we can see a further move till 9905 - 9390 . 

Now on the upside Nifty has immediate resistance near 11665 - 11760 in the coming sessions and only on getting a strong close above 11760 we can see a further upmove .


On the downside Nifty has immediate support near 11360 - 11265 in the coming sessions and on getting a strong close below 11265 we can see a further correction .


Nifty Spot Levels for the week are

Long above 11665 , Tgt  11760 - 11835 - 11910

IF Nifty spot manages to get a close / sustain above 12020 then ,

long again for 12085 - 12310 - 12560

Short below 11360 , Tgt 11265 - 11190 - 11115

IF Nifty spot manages to get a close / sustain below 11005 then, 

short again for 10940 - 10715 - 10470


Telegram Channel will be active from October for live trades under the name of Simply Trade . Those who wish to join can click on this link and open it with telegram https://t.me/joinchat/AAAAAFirR428Znf3BfpfmA  


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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