This week Nifty spot went up 111 points over last weeks close and went down by 23 points and finally ended the week with a loss of 13 points compared to last weekly closing.
As per levels given for the previous week Nifty Spot needed to break and sustain above 9615 to confirm uptrend and Nifty spot needed to break and sustain below 9561 to confirm downtrend for the week. Nifty made a high of 9698.85 and a low of 9565.30 for the week .
This week Nifty triggered our long trade and missed our last long target by 5 points after completing 5 targets . It then reversed to come close to our short confirmation levels and closed near it . Nifty gave us nearly 70+ points from the weekly long trade . Have been mentioning in the previous weekly posts that " As long as Nifty does not give a strong close above 9743 we can expect selling pressure to keep pulling it down " . In the previous week had mentioned that " As have mentioned in the previous daily post Nifty has a good support near 9560 and holding the same we can expect a retest of 9650 - 9670 zone again initially .Breaking and sustaining below 9560 can see a test of 9500 - 9480 zone " , and we saw Nifty testing nearly 9700 after holding 9560 last week . Now we need to see whether it can hold it again this week to retest the highs of last week or will it break and sustain below 9560 to test 9500 - 9480 zone initially .
In the coming week Nifty spot needs to break and sustain above 9609 to confirm uptrend and then one can expect a move till 9644 initially and breaking and sustaining above 9653 will give further confirmation for the next move which can take us up till 9717. Similarly Nifty spot needs to break and sustain below 9541 to confirm downtrend and then one can expect a move till 9506 initially and breaking and sustaining below 9497 will give further confirmation for the next move which can take us down till 9433 .
Nifty Spot Levels for the week are
Long above 9596 , Tgt 9609 - 9619 - 9629
IF Nifty spot manages to get a close / sustain above 9644 then ,
long again for 9653 - 9684 - 9717
Short below 9554 , Tgt 9541 - 9531 - 9521
IF Nifty spot manages to get a close / sustain below 9506 then,
short again for 9497 - 9466 - 9433
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.