NIFTY
This past week Nifty went up by 81.10 points and then went down by 167 points before finally ending the week with a loss of 134 points compared to last weekly closing.
Nifty failed to break above its new all time high of 12158.80 made last week
Had mentioned in previous weekly post that to enter a long trade Nifty needs to sustain/close above 12135 to test 12215 - 12235 initially and closing above it can go further till 12305 - 12380 and to enter a short trade Nifty needs to sustain below 11980 to test 11900 - 11875 initially and closing below it can go further till 11810 - 11730, and we saw Nifty make a high of 12137.15 just at our long confirmation but failed to sustain and faced resistance . Nifty then reversed to confirm our weekly short trade by sustaining below 11980 and completed our initial targets of 11900 - 11875 with a low of 11888.85 giving around 90 points .
For this week :
Those who are looking to enter fresh longs should wait for Nifty to sustain / close above 11980 and then enter for a initial target of 12040 - 12055 and look to hold further only on sustaining or getting a close above 12055 for the next targets of 12110 - 12165.
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Those who are looking to enter fresh short should wait for Nifty to sustain / close below 11865 and then enter for a initial target of 11800 - 11785 and look to hold further only on sustaining or getting a close below 11785 for the next targets of 11735 - 11680.
For this month :
For the month of December , longs will get confirmed in Nifty with a consecutive close above 12215 for a initial target of 12385 - 12425 and sustaining / closing above 12425 we can see a further move till 12570 - 12730 . Similarly shorts will get confirmed with a consecutive close below 11895 for a initial target of 11730 - 11685 and sustaining / closing below 11685 we can see a further move till 11545 - 11385 .
Nifty has immediate resistance at 12155 - 12215 for this month and on getting a consecutive close above it we can see a move towards 12345 - 12425 next.
Nifty has resistance for this week at 11960 - 11980 .
As mentioned in the previous week "On the downside Nifty has immediate support near 12010 - 11980 in the coming sessions and on getting a strong close below 11980 we can see a down move towards 11900 - 11875 levels ." , and we saw Nifty make a low of 11888.85 on sustaining below 11980.
Nifty has immediate support for this week at 11885 - 11865 and sustaining / closing below it we can see it test its next strong support at 11800 - 11785.
Nifty Spot Levels for the week are
Long above 11960 , Tgt 11980 - 11995 - 12015
IF Nifty spot manages to get a close / sustain above 12040 then ,
long again for 12055 - 12110 - 12165
Short below 11885 , Tgt 11865 - 11845 - 11830
IF Nifty spot manages to get a close / sustain below 11800 then,
short again for 11785 - 11735 - 11680
We have a Telegram Channel under the name of Simply Trade Stocks where live trading ideas are shared. Those who wish to join can click on this link " https://t.me/simplytradestocks " and open it with telegram .
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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