This week Nifty spot went down 140 points over last weeks close and finally ended the week with a loss of 122 points compared to last weekly closing .
As per levels given for the previous week Nifty Spot needed to break and sustain above 8335 to confirm uptrend and Nifty spot needed to break and sustain below 8190 to confirm downtrend for the week. Nifty made a high of 8230.65 and a low of 8121.95 for the week.
This week Nifty triggered our short trade and achieved our initial 3 targets giving around 70+ points from the short trade . Nifty had corrected all the way till 8506.15 in the month of October and had corrected further till 7916.40 in November after caution was advised for longs in September once 8900 was breached on closing . Have been mentioning since November in the weekly posts 'Those who are holding positional longs or those who are looking to enter on dips should keep a strict CBSL of 7895 for their positions.' .Had mentioned in the previous weekly post 'Now Nifty has resistance near 8242 - 8262 and closing above 8262 will give further confirmation for move till 8400 . Nifty was given a borderline close at 8261.75 and it now needs to sustain above it next week ' , and this week Nifty did not break above 8262 and stayed well below it . Till Nifty does not give a consecutive close above 8398 this month we can expect the upmoves to get sold into. If Nifty sustains above 8205 next week then we can expect a retest of the highs of this month .
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 8205 to confirm uptrend and then one can expect a move till 8270 initially and breaking and sustaining above 8290 will give further confirmation for the next move which can take us up till 8410. Similarly Nifty spot needs to break and sustain below 8075 to confirm downtrend and then one can expect a move till 8010 initially and breaking and sustaining below 7990 will give further confirmation for the next move which can take us down till 7870 .
Nifty Spot Levels for the week are
Long above 8180 , Tgt 8205 - 8225 - 8245
IF Nifty spot manages to get a close / sustain above 8270 then ,
long again for 8290 - 8345 - 8410
Short below 8100 , Tgt 8075 - 8055 - 8035
IF Nifty spot manages to get a close / sustain below 8010 then,
short again for 7990 - 7935 - 7870
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.