This week Nifty spot went up 132 points and then went down 10 points over last weeks close and finally ended the week with a gain of 27 points compared to last weekly closing.
As per levels given for the previous week Nifty Spot needed to break and sustain above 9445 to confirm uptrend and Nifty spot needed to break and sustain below 9357 to confirm downtrend for the week. Nifty made a high of 9532.60 and a low of 9390.75 for the week.
Nifty triggered our weekly longs and completed 4 targets giving us close to 75+ points from the long trade before taking our TSL . Nifty missed our 5th target by 10 points and reversed to take our TSL . Had mentioned in the previous weekly post " 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 " , we saw Nifty make a high of 9532.60 which was close to our expected targets giving good returns .
In the coming week Nifty spot needs to break and sustain above 9479 to confirm uptrend and then one can expect a move till 9534 initially and breaking and sustaining above 9547 will give further confirmation for the next move which can take us up till 9646. Similarly Nifty spot needs to break and sustain below 9376 to confirm downtrend and then one can expect a move till 9322 initially and breaking and sustaining below 9308 will give further confirmation for the next move which can take us down till 9210 . We are entering the expiry week for May series and we can expect some swings this week . Nifty spot is currently in a trading range of 9375 - 9535 and breaking and sustaining / closing above this range is required for a bigger move . Those who are looking to short on up moves should keep a cbsl of 9535 and those who are looking to buy on down moves should keep a cbsl of 9375 for their positions .
Nifty Spot Levels for the week are
Long above 9460 , Tgt 9479 - 9495 - 9511
IF Nifty spot manages to get a close / sustain above 9534 then ,
long again for 9547 - 9594 - 9646
Short below 9396 , Tgt 9376 - 9361 - 9345
IF Nifty spot manages to get a close / sustain below 9322 then,
short again for 9308 - 9262 - 9210
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.