This week Nifty spot went up 48 points over last weeks close and went down by 53 points and finally ended the week with a loss of 48 points compared to last weekly closing.
As per levels given for the previous week Nifty Spot needed to break and sustain above 9244 to confirm uptrend and Nifty spot needed to break and sustain below 9153 to confirm downtrend for the week. Nifty made a high of 9246.40 and a low of 9144.95 for the week.
This week Nifty traded in a tight range near our long and short confirmation levels and finally today closed below its weekly short confirmation levels . Bank Nifty has outperformed the Nifty this entire week . Last week also Nifty had come close to breaking above our monthly long confirmation level of 9277 with a high of 9273.90 but was unable to break and sustain / close above it . After trading in a very narrow range this week and consolidating we can expect a bigger move in the coming week . Those who are looking to go long on any further correction should keep a cbsl of 9071 for their positions
For the month of April we can expect uptrend in Nifty Spot on a consecutive close above 9277 and downtrend in Nifty spot on a consecutive close below 9071 . Had mentioned last month 'For the month of March we can expect uptrend in Nifty spot on a consecutive close above 8966 and downtrend in Nifty spot on a consecutive close below 8793' and we got a move of nearly 250 points once it closed above 8966 in February.
In the coming week Nifty spot needs to break and sustain above 9193 to confirm uptrend and then one can expect a move till 9238 initially and breaking and sustaining above 9250 will give further confirmation for the next move which can take us up till 9331. Similarly Nifty spot needs to break and sustain below 9108 to confirm downtrend and then one can expect a move till 9063 initially and breaking and sustaining below 9052 will give further confirmation for the next move which can take us down till 8971 .
Nifty Spot Levels for the week are
Long above 9177 , Tgt 9193 - 9206 - 9220
IF Nifty spot manages to get a close / sustain above 9238 then ,
long again for 9250 - 9288 - 9331
Short below 9125 , Tgt 9108 - 9095 - 9082
IF Nifty spot manages to get a close / sustain below 9063 then,
short again for 9052 - 9013 - 8971
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.