This week Nifty spot went up 56 points and then went down 45 points over last weeks close and finally ended the week with a gain of 15 points compared to last weekly closing.
Nifty this week made another new life time high of 9709.30 and gave its second weekly close above 9650 .
As per levels given for the previous week Nifty Spot needed to break and sustain above 9713 to confirm uptrend and Nifty spot needed to break and sustain below 9594 to confirm downtrend for the week. Nifty made a high of 9709.30 and a low of 9608.15 for the week and traded well within our long and short confirmation levels.
This was a week for swing traders as Nifty traded the entire week between our long and short weekly confirmation levels of 9713 - 9594 giving good opportunity to swing traders . Nifty has been in a consolidation range for the past 2 weeks now and we should see a bigger move in the coming week . Had mentioned in the previous weekly post " 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 " , and we saw a high of 9709 and nifty reversed 100 points from there but has still not taken the trailing cbsl of those who are long . As long as Nifty does not give a strong close above 9743 we can expect selling pressure to keep pulling it down .
In the coming week Nifty spot needs to break and sustain above 9691 to confirm uptrend and then one can expect a move till 9716 initially and breaking and sustaining above 9722 will give further confirmation for the next move which can take us up till 9766. Similarly Nifty spot needs to break and sustain below 9645 to confirm downtrend and then one can expect a move till 9621 initially and breaking and sustaining below 9614 will give further confirmation for the next move which can take us down till 9570 .
Nifty Spot Levels for the week are
Long above 9683 , Tgt 9691 - 9699 - 9706
IF Nifty spot manages to get a close / sustain above 9716 then ,
long again for 9722 - 9743 - 9766
Short below 9654 , Tgt 9645 - 9638 - 9631
IF Nifty spot manages to get a close / sustain below 9621 then,
short again for 9614 - 9593 - 9570
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 .
If you want to see the post in your Inbox , kindly register by adding your email id in the 'Subscribe to my posts' section on the top right side of the blog.
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.