Saturday, 3 February 2018

Weekly Spot Outlook Of Nifty for 05th to 09th Feb

NIFTY

This week Nifty spot went up by 102 points and went down by 334 points before finally ending the week with a loss of 309 points compared to last weekly closing. Nifty made a new life time high of 11171.55 this week .


As per levels given for the previous week Nifty Spot needed to break and sustain above 11120 to confirm uptrend and Nifty spot needed to break and sustain below 11015 to confirm downtrend for the week. Nifty made a high of 11171.55 and a low of 10736.10 for the week. It was the budget week and wild swings was anticipated .


In the previous week had mentioned that " Now in the coming week Nifty needs to break and sustain above 11120 to test 11175 - 11190 initially and above it we can see a test of 11235 - 11285 . Breaking and sustaining below 11015 we can see a test of 10965 - 10950 initially and below it we can see a test of 10905 - 10855 . Those who are holding longs entered on sustaining above 10615 and had trailed their cbsl to 10855 as mentioned in the previous weekly post , should now again further move their trailing weekly cbsl to 11015 spot and look to book if Nifty does not close above 11195 . Nifty has resistance near 11175 - 11195 now in the coming week. Those who are looking to enter short positions in the coming week should keep a strict cbsl of 11195 spot ."  and Nifty made a high of 11171.55 near our resistance zone and took our trailing cbsl of longs at 11015 for positions entered above 10615 giving around 400 points from the long trade taken . Those who entered shorts near 11175 with the given cbsl of 11195 spot have got a good correction and already in nearly 350+ points .

Now in the coming week Nifty needs to break and sustain above 10865 to test 10970 - 11000 initially and above it we can see a test of 11090 - 11190 . Breaking and sustaining below 10660 we can see a test of 10555 - 10525 initially and below it we can see a test of 10435 - 10330.  Those who are holding shorts entered near 11175 with cbsl of 11195 as mentioned in the previous weekly post should now trail their weekly cbsl to 10870 and if Nifty sustains below 10660 they should further move the trailing cbsl to 10730 in the coming week and also look to book if Nifty does not break below 10525 .  Nifty has support near 10600 - 10500 now in the coming week . We can expect volatility next week too .


For the month of February shorts are confirmed with a close below 10965 for a initial target of 10775 - 10745 and closing / sustaining below 10745 we can see a test of 10635 - 10515 . Fresh longs will get confirmed with a consecutive close above 11150 for a initial target of 11280 - 11310 and closing / sustaining above it we can see a test of 11420 - 11545


Nifty Spot Levels for the week are

Long above 10825 , Tgt  10865 - 10895 - 10925

IF Nifty spot manages to get a close / sustain above 10970 then ,

long again for 11000 - 11090 - 11190

Short below 10695 , Tgt 10660 - 10625 - 10595

IF Nifty spot manages to get a close / sustain below 10550 then, 

short again for 10525 - 10435 - 10330

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.