This week Nifty spot went down 34 points over last weeks close and went up 73 points and finally ended the week with a loss of 19 points compared to last weekly closing.
As per levels given for the previous week Nifty Spot needed to break and sustain above 9353 to confirm uptrend and Nifty spot needed to break and sustain below 9255 to confirm downtrend for the week. Nifty made a high of 9377.10 and a low of 9269.90 for the week.
This was a week for swing trading as Nifty initially came close to confirming our short trade for the week and reversed to go up and confirm our weekly long trade on Thursday. On Friday it could not sustain above 9353 and took our TSL and went down to test our short trigger . We had mentioned in our daily post that those who were long should keep a TSL of 9319 for their positions as Nifty was not breaking our resistance zone of 9341 - 9386 and had mentioned that those who were looking to go short in this range should keep a strict cbsl of 9405 . Those who would have taken the short trade would have got 80 - 90 points from the short trade . This month Nifty is in a trading range of 9203 - 9405 and we need to see a breakout of this range for a bigger move .
In the coming week Nifty spot needs to break and sustain above 9340 to confirm uptrend and then one can expect a move till 9398 initially and breaking and sustaining above 9412 will give further confirmation for the next move which can take us up till 9516. Similarly Nifty spot needs to break and sustain below 9231 to confirm downtrend and then one can expect a move till 9173 initially and breaking and sustaining below 9159 will give further confirmation for the next move which can take us down till 9054 .
Nifty Spot Levels for the week are
Long above 9319 , Tgt 9340 - 9357 - 9374
IF Nifty spot manages to get a close / sustain above 9398 then ,
long again for 9412 - 9462 - 9516
Short below 9252 , Tgt 9231 - 9214 - 9197
IF Nifty spot manages to get a close / sustain below 9173 then,
short again for 9159 - 9109 - 9054
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.