Saturday, 21 December 2019

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

NIFTY

This past week Nifty went down by 40 points and then went up by 207 points before finally ending the week with a gain of 185 points compared to last weekly closing. 

Nifty made a life time high of 12293.90 and closed at a lifetime high of 12271.80 . Now 12000 has become a strong support 

Had mentioned in previous weekly post that to enter a long trade Nifty needs to sustain/close above 12160 to test 12230 - 12250 initially and closing above it can go further till 12310 - 12380 and to enter a short trade Nifty needs to sustain below 12015 to test 11945 - 11925 initially and closing below it can go further till 11860 - 11795, and we saw Nifty initially trigger our weekly long trade and complete our initial targets and move up further towards our next targets but fall short of touching 12300 giving 125+ points from the weekly long trade. 


For this week :

Those who are looking to enter fresh longs should wait for Nifty to sustain / close above 12335 and then enter for a initial target of 12400 - 12415 and look to hold further only on sustaining or getting a close above 12415 for the next targets of 12470 - 12535. 

&

Those who are looking to enter fresh short should wait for Nifty to sustain / close below 12210 and then enter for a initial target of 12145 - 12130 and look to hold further only on sustaining or getting a close below 12130 for the next targets of 12070 - 12010.


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 confirmed its monthly long trade and we can see a move towards 12345 - 12425 next. Bank Nifty is yet to confirm its monthly long trade and has to close strongly above 32380 in the coming session .



Nifty has immediate support for this week at 12235 - 12210 and sustaining / closing below it we can see it test its next strong support at 12145 - 12130.


Nifty Spot Levels for the week are

Long above 12310 , Tgt  12335 - 12355 - 12370

IF Nifty spot manages to get a close / sustain above 12400 then ,

long again for 12415 - 12470 - 12535

Short below 12235 , Tgt 12210 - 12190 - 12170

IF Nifty spot manages to get a close / sustain below 12145 then, 

short again for 12130 - 12070 - 12010


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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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