Saturday, 17 February 2018

Weekly Spot Outlook Of Nifty For 19th to 23rd Feb

NIFTY

This week Nifty spot went up by 163 points and went down by 21 points before finally ending the week with a loss of 3 points compared to last weekly closing. 


As per levels given for the previous week Nifty Spot needed to break and sustain above 10550 to trigger uptrend and Nifty spot needed to break and sustain below 10360 to trigger downtrend for the week. Nifty made a high of 10618.10 and a low of 10434.05 for the week. 

In the previous week had mentioned that " Now in the coming week Nifty needs to break and sustain above 10515 to test 10650 - 10680 initially and above it we can see a test of 10765 - 10860 . Breaking and sustaining below 10390 we can see a test of 10260 - 10230 initially and below it we can see a test of 10145 - 10050 . Those who are holding shorts entered near 11175 with cbsl of 11195 as mentioned in the previous weekly post 2 weeks ago and had trailed their cbsl to 10730 as mentioned last week should now further move the trailing cbsl to 10550 in the coming week and also look to book if Nifty does not break and sustain below 10360 . Nifty has support near 10390 - 10360 now in the coming week ."  , and so far the weekly cbsl has held for shorts . Taking support near 10390 - 10450 zone we were expecting a pull back till 10620 - 10675 initially and holding the same Nifty made a high of 10618.10 last week.

Now in the coming week Nifty needs to break and sustain above 10540 to test 10635 - 10660 initially and above it we can see a test of 10740 - 10830 . Breaking and sustaining below 10360 we can see a test of 10270 - 10245 initially and below it we can see a test of 10165 - 10075.  Those who are holding shorts entered near 11175 with a trailing cbsl of 10550 as mentioned last cbsl can continue holding with the same cbsl this week too and look to move it to 10425 once we get a close below 10360 .  Nifty has support near 10390 - 10360 now in the coming week as mentioned last 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 . Now as our montly targets are done , for further downmove now Nifty needs to give a close below 10390 spot to test 10240 -  10200 levels initially and below it we can see a test of 10050 - 9950 . Taking support near 10390 - 10450 zone we can expect a pull back till 10620 - 10675 initially .


Nifty Spot Levels for the week are

Long above 10510 , Tgt  10540 - 10570 - 10595

IF Nifty spot manages to get a close / sustain above 10635 then ,

long again for 10660 - 10740 - 10830

Short below 10395 , Tgt 10360 - 10335 - 10310

IF Nifty spot manages to get a close / sustain below 10270 then, 

short again for 10245 - 10165 - 10075

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.