This week Nifty spot went up 248 points over last weeks close and finally ended the week with a gain of 185 points compared to last weekly closing.
As per levels given for the previous week Nifty Spot needed to break and sustain above 9152 to confirm uptrend and Nifty spot needed to break and sustain below 9087 to confirm downtrend for the week. Nifty made a high of 9367.15 and a low of 9130.55 for the week.
This week Nifty triggered our long trade and completed all our targets giving us 115 points and exceeded it by further 100 points. Nifty finally broke above our monthly long confirmation levels of 9277 and did a quick 90 points after holding our short confirmation levels of 9071 in the previous week after making a low of 9075.15. The entire month of April Nifty had traded within the range of 9071 - 9277 and broke the range towards the end of the month . As mentioned in the previous weekly post " We are entering the expiry week for this month and we can expect this range to be broken " and Nifty obliged by breaking on the upside. Those who are holding long should keep a trailing cbsl of 9277 for their positions .
Had mentioned last month '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' and we got a move of 90 points once it closed above 9277 in April after holding 9071 with a low of 9075.
In the coming week Nifty spot needs to break and sustain above 9253 to confirm uptrend and then one can expect a move till 9405 initially and breaking and sustaining above 9418 will give further confirmation for the next move which can take us up till 9511. Similarly Nifty spot needs to break and sustain below 9255 to confirm downtrend and then one can expect a move till 9203 initially and breaking and sustaining below 9190 will give further confirmation for the next move which can take us down till 9097 .
Nifty Spot Levels for the week are
Long above 9334 , Tgt 9353 - 9368 - 9383
IF Nifty spot manages to get a close / sustain above 9405 then ,
long again for 9418 - 9462 - 9511
Short below 9274 , Tgt 9255 - 9240 - 9225
IF Nifty spot manages to get a close / sustain below 9203 then,
short again for 9190 - 9146 - 9097
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.