This week Nifty spot went up 136 points over last weeks close and went down 44 points and finally ended the week with a loss of 28 points compared to last weekly closing .
As per levels given for the previous week Nifty Spot needed to break and sustain above 8215 to confirm uptrend and Nifty spot needed to break and sustain below 8015 to confirm downtrend for the week. Nifty made a high of 8250.80 and a low of 8066.50 for the week.
This week Nifty triggered our long trade and achieved 2 targets giving around 70 points from the long trade . Had mentioned in the weekly post 11 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 has corrected further till 7916.40 in November . Had mentioned in the previous weekly posts '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 would have got close to 300 points last week . Had mentioned in the previous weekly post 'Now Nifty has resistance near 8215 before 8362 and above it at 8561 which was our downtrend confirmation level for November' , Nifty was unable to give a consecutive close above 8215 and corrected till below 8100 levels .
For the month of December we can expect uptrend in Nifty spot on a consecutive close above 8398 and downtrend continuation would be on a consecutive close below 8051
In the coming week Nifty spot needs to break and sustain above 8162 to confirm uptrend and then one can expect a move till 8242 initially and breaking and sustaining above 8262 will give further confirmation for the next move which can take us up till 8405. Similarly Nifty spot needs to break and sustain below 8012 to confirm downtrend and then one can expect a move till 7932 initially and breaking and sustaining below 7912 will give further confirmation for the next move which can take us down till 7768 .
Nifty Spot Levels for the week are
Long above 8133 , Tgt 8162 - 8185 - 8209
IF Nifty spot manages to get a close / sustain above 8242 then ,
long again for 8262 - 8330 - 8405
Short below 8040 , Tgt 8012 - 7988 - 7965
IF Nifty spot manages to get a close / sustain below 7932 then,
short again for 7912 - 7843 - 7768
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.