This week Nifty spot went down 29 points and went down 251 points from last weeks close and finally ended the week with a gain of 237 points compared to last weekly closing .
Last week we had mentioned that Nifty Spot needs to break and sustain above 8603 to confirm uptrend and Nifty spot needs to break and sustain below 8542 to confirm downtrend for the week. Nifty made a high of 8824.10 and a low of 8543.75 for the week.
This week Nifty triggered our long trade and achieved all targets and went up further by 100 points giving nearly 200+ points . Nifty took support just 2 points above our short confirmation for the week and bounced back strongly after being in sideways consolidation and time correction for good time in August . We had mentioned all through August that Nifty needs to break and sustain above 8735 for further upmove and we finally saw Nifty break and sustain above 8735and give a further upmove of 80 points. For this week Nifty took support near 8542 levels which was our trend reversal level for August month and also our weekly confirmation level . Now for September 8673 is our trend reversal level for the month and 8900 is our trend continuation level . In the previous weeks Nifty had taken support multiple times in the range of 8520 - 8515 levels and this week it took support near 8543 levels . On consecutive closing below 8673 we can expect a test of 8520 - 8515 levels.
Trend continuation in Nifty spot for the month of September would be on a consecutive close above 8900 and trend reversal would be on a consecutive close below 8673
In the coming week Nifty spot needs to break and sustain above 8862 to confirm uptrend and then one can expect a move till 8918 initially and breaking and sustaining above 8932 will give further confirmation for the next move which can take us up till 9032. Similarly Nifty spot needs to break and sustain below 8757 to confirm downtrend and then one can expect a move till 8702 initially and breaking and sustaining below 8688 will give further confirmation for the next move which can take us down till 8587 .
Nifty Spot Levels for the week are
Long above 8842 , Tgt 8862 - 8878 - 8895
IF Nifty spot manages to get a close / sustain above 8918 then ,
long again for 8932 - 8980 - 9032
Short below 8777 , Tgt 8757 - 8741 - 8725
IF Nifty spot manages to get a close / sustain below 8702 then,
short again for 8688 - 8640 - 8587
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.