This week Nifty spot went up 133 points and went down 24 points from last weeks close and finally ended the week with a gain of 97 points compared to last weekly closing .
Last week we had mentioned that Nifty Spot needs to break and sustain above 8578 to confirm uptrend and Nifty spot needs to break and sustain below 8505 to confirm downtrend. Nifty made a high of 8674.70 and a low of 8517.20 for the week.
This week Nifty triggered our long trade and completed 5 targets giving us nearly 100 points from the long trade . As mentioned in the previous weekly post we were expecting Nifty to test 8630 - 8660 levels if it managed break and sustain above 8595 and Nifty completed our targets once it sustained above it . We are now within our July months next resistance zone of 8630 - 8660 and now we would need to break and sustain above 8685 this week to move up further from here .
Trend continuation in Nifty spot for the month of August would be on a consecutive close above 8735 and trend reversal would be on a consecutive close below 8542
In the coming week Nifty spot needs to break and sustain above 8685 to confirm uptrend and then one can expect a move till 8734 initially and breaking and sustaining above 8747 will give further confirmation for the next move which can take us up till 8836. Similarly Nifty spot needs to break and sustain below 8592 to confirm downtrend and then one can expect a move till 8543 initially and breaking and sustaining below 8530 will give further confirmation for the next move which can take us down till 8441.
Nifty Spot Levels for the week are
Long above 8667 , Tgt 8685 - 8699 - 8714
IF Nifty spot manages to get a close / sustain above 8734 then ,
long again for 8747 - 8789 - 8836
Short below 8610 , Tgt 8592 - 8578 - 8563
IF Nifty spot manages to get a close / sustain below 8543 then,
short again for 8530 - 8488 - 8441
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 .
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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.