Due to a technical issue was unable to post for the past few days and any inconvenience caused to readers is regretted.
This week Nifty spot went down 158 points over last weeks close and went up 48 points and finally ended the week with a gain of 40 points compared to last weekly closing .
As per levels given for the previous week Nifty Spot needed to break and sustain above 8178 to confirm uptrend and Nifty spot needed to break and sustain below 7970 to confirm downtrend for the week. Nifty made a high of 8122.25 and a low of 7916.40 for the week.
This week Nifty triggered our short trade and achieved 2 targets giving around 70 points from the short trade . Had mentioned in the weekly post 10 weeks ago that '8900 is our trend continuation level for September' and we saw Nifty close below 8900 indicating weakness in the current uptrend.' Nifty had corrected all the way till 8506.15 in the month of October and now has corrected further till 7916.40 in November . Had mentioned in the previous weekly post 'Those who are holding positional longs from near 8000 - 8050 levels entered near the lows of this month or those who are looking to enter now should keep a strict CBSL of 7895 for their positions.' and we saw Nifty come quite close to it giving a good fresh entry for longs with a small cbsl of 25 points. Those who would have taken long positions on this view have got close to 200 points till close last week . Now Nifty has resistance near 8215 before 8362 and above it at 8561 which was our downtrend confirmation level .
For the month of November we can expect uptrend in Nifty spot on a consecutive close above 8691 and downtrend continuation would be on a consecutive close below 8561
In the coming week Nifty spot needs to break and sustain above 8215 to confirm uptrend and then one can expect a move till 8319 initially and breaking and sustaining above 8346 will give further confirmation for the next move which can take us up till 8536. Similarly Nifty spot needs to break and sustain below 8015 to confirm downtrend and then one can expect a move till 7909 initially and breaking and sustaining below 7883 will give further confirmation for the next move which can take us down till 7692 .
Nifty Spot Levels for the week are
Long above 8176 , Tgt 8215 - 8245 - 8275
IF Nifty spot manages to get a close / sustain above 8319 then ,
long again for 8346 - 8437 - 8536
Short below 8053 , Tgt 8015 - 7984 - 7953
IF Nifty spot manages to get a close / sustain below 7909 then,
short again for 7883 - 7792 - 7692
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.