This week Nifty spot went up 165 points over last weeks close and finally ended the week with a gain of 116 points compared to last weekly closing.
As per levels given for the previous week Nifty Spot needed to break and sustain above 9340 to confirm uptrend and Nifty spot needed to break and sustain below 9231 to confirm downtrend for the week. Nifty made a high of 9450.65 and a low of 9297.95 for the week.
Nifty triggered our weekly longs and completed nearly 5 targets giving us close to 125+ points from the long trade . Nifty had taken our cbsl for shorts at 9405 in the previous week . Had mentioned in the previous weekly post " 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 " and Nifty broke and closed above this range but profit booking dragged it down . Those who are holding longs should move up their cbsl to 9357 for this week . As long as Nifty is holding its cbsl we can see a move towards 9540 - 9590 .
In the coming week Nifty spot needs to break and sustain above 9445 to confirm uptrend and then one can expect a move till 9491 initially and breaking and sustaining above 9503 will give further confirmation for the next move which can take us up till 9586. Similarly Nifty spot needs to break and sustain below 9357 to confirm downtrend and then one can expect a move till 9311 initially and breaking and sustaining below 9299 will give further confirmation for the next move which can take us down till 9216 .
Nifty Spot Levels for the week are
Long above 9428 , Tgt 9445 - 9458 - 9472
IF Nifty spot manages to get a close / sustain above 9491 then ,
long again for 9503 - 9542 - 9586
Short below 9374 , Tgt 9357 - 9344 - 9330
IF Nifty spot manages to get a close / sustain below 9311 then,
short again for 9299 - 9260 - 9216
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.