Sunday, 9 February 2020

Weekly Spot Outlook Of Nifty For 10th to 14th Feb

In the previous week : 

Nifty went down by 47 points then went up by 499 points before finally ending the week with a gain of 437 points compared to last weekly closing. 

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

Had mentioned last month that " Nifty has to break and close strongly above 11730 for a move towards 12135 and we saw Nifty make a high of 12160.60 completing all our targets. 

Nifty for this week :

  • Sustaining above 12255 enter for 12300 - 12350 - 12380
  • Further sustaining above 12415 enter for 12455 - 12595 - 12750

  • Sustaining below 11945 enter for 11895 - 11850 - 11815
  • Further sustaining below 11780 enter for 11740 - 11600 - 11445 

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 had triggered our shorts and also completed our initial targets on Budget day with a low of 11633.30. For further correction Nifty had to sustain / close below 11605 for a further correction towards 11465 - 11315. Holding above 11605 we saw a pullback towards 12150 levels. 

Nifty has failed to give a consecutive close above 12115 last week and for a further upmove it needs to give a consecutive close above it .

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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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