Sunday, 2 February 2020

Weekly Spot Outlook Of Nifty For 03rd to 07th Feb

In the previous week : 

Nifty went down by 615 points before finally ending the week with a loss of 586 points compared to last weekly closing. 

Nifty made a new life time high of 12430 on 20th January . 

Had mentioned last month that " Nifty has to break and close strongly above 12400 for a further rally else we can again see profit booking and shorts taking place. " , Nifty failed to give a close above it and has now given up close to 800 points from the all time high made.

Nifty for this week :

  • Sustaining above 11730 enter for 11775 - 11810 - 11845 
  • Further sustaining above 11895 enter for 11925 - 12025 - 12135 

  • Sustaining below 11590 enter for 11550 - 11515 - 11480 
  • Further sustaining below 11430 enter for 11400 - 11300 - 11190 

How to use these levels 
  • Enter on sustaining above/below the initial weekly levels mentioned and look to book partly/fully once it completes its initial 3 targets . Re-enter if price further sustains or closes above / below the next level mentioned for the next targets  . 

For this month :
  • Nifty longs will get confirmed with a consecutive close above 12115 for a initial target of 12280 - 12320 and sustaining / closing above 12320 we can see a further move till 12460 - 12610 .  
  • Nifty shorts will get confirmed with a consecutive close below 11810 for  a initial target of 11645 - 11605 and sustaining / closing below 11605 we can see a further move till 11465 - 11315 . 

Nifty has triggered our shorts and also completed our initial targets on Budget day with a low of 11633.30. Now sustaining / closing below 11605 we can see a further correction towards 11465 - 11315. Holding above 11605 we can see some pullback towards 11810 - 11870.

Join our Telegram Channel for live stock trading ideas during market hours "                                      

To receive this post daily 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