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

NIFTY

This past week Nifty went down by 89 points and then went up by 177 points before finally ending the week with a gain of 165 points compared to last weekly closing. 

Nifty held on to its strong support near 11800 and now can make a move towards another new life time high this week  

Had mentioned in previous weekly post that to enter a long trade Nifty needs to sustain/close above 11980 to test 12040 - 12055 initially and closing above it can go further till 12110 - 12165 and to enter a short trade Nifty needs to sustain below 11865 to test 11800 - 11785 initially and closing below it can go further till 11735 - 11680, and we saw Nifty initially trigger our weekly short trade and make a low of 11832.30 and take support to bounce back to trigger our long trade and nearly test our next target zone with a high of 12098.85 giving 100 points from the long trade . 

For this week :

Those who are looking to enter fresh longs should wait for Nifty to sustain / close above 12160 and then enter for a initial target of 12230 - 12250 and look to hold further only on sustaining or getting a close above 12250 for the next targets of 12310 - 12380. 

&

Those who are looking to enter fresh short should wait for Nifty to sustain / close below 12015 and then enter for a initial target of 11945 - 11925 and look to hold further only on sustaining or getting a close below 11925 for the next targets of 11860 - 11795. 

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 12130 - 12160 so if we sync both the weekly and monthly levels then 12160 - 12215 zone is going to be important for the uptrend continuation this month .

Nifty has immediate support for this week at 12045 - 12015 and sustaining / closing below it we can see it test its next strong support at 11945 - 11925.

Nifty Spot Levels for the week are

Long above 12130 , Tgt  12160 - 12180 - 12200

IF Nifty spot manages to get a close / sustain above 12230 then ,

long again for 12250 - 12310 - 12380

Short below 12045 , Tgt 12015 - 11995 - 11975

IF Nifty spot manages to get a close / sustain below 11945 then, 

short again for 11925 - 11860 - 11795

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 .

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.