This week Nifty spot went down 47 points and then went up 78 points over last weeks close and finally ended the week with a gain of 58 points compared to last weekly closing.
Nifty this week made a new life time high of 9673.50 and also gave its highest closing ever at 9653.50 , just above 9650 .
As per levels given for the previous week Nifty Spot needed to break and sustain above 9667 to confirm uptrend and Nifty spot needed to break and sustain below 9523 to confirm downtrend for the week. Nifty made a high of 9673.50 and a low of 9547.70 for the week.
This was a week of consolidation with a slightly upward bias . Nifty traded the entire week between our long and short confirmation levels of 9523 - 9667 and broke above the long confirmation momentarily on Friday but could not sustain above it for any move . Swing traders got a long trade near 9550 with 9523 as cbsl . Those who are holding longs from 9350 levels with the given cbsl of 9335 can now look to book their longs near 9690 - 9715 levels and move up their trailing cbsl to 9594 . Those who are looking to go short on the next upmove in the coming week should keep a strict cbsl of 9745 for their positions.
In the coming week Nifty spot needs to break and sustain above 9713 to confirm uptrend and then one can expect a move till 9775 initially and breaking and sustaining above 9791 will give further confirmation for the next move which can take us up till 9905. Similarly Nifty spot needs to break and sustain below 9594 to confirm downtrend and then one can expect a move till 9532 initially and breaking and sustaining below 9516 will give further confirmation for the next move which can take us down till 9402 . Nifty has immediate resistance near 9650 - 9670 zone and above that good resistance near 9750 - 9770 zone . Nifty has immediate support near 9550 - 9520 and below that near 9480 - 9460 zone.
Nifty Spot Levels for the week are
Long above 9690 , Tgt 9713 - 9731 - 9749
IF Nifty spot manages to get a close / sustain above 9775 then ,
long again for 9791 - 9845 - 9905
Short below 9619 , Tgt 9594 - 9576 - 9558
IF Nifty spot manages to get a close / sustain below 9532 then,
short again for 9516 - 9462 - 9402
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.