This week Nifty spot went down 107 points over last weeks close and finally ended the week with a loss of 80 points compared to last weekly closing.
As per levels given for the previous week Nifty Spot needed to break and sustain above 9691 to confirm uptrend and Nifty spot needed to break and sustain below 9645 to confirm downtrend for the week. Nifty made a high of 9654.15 and a low of 9560.80 for the week .
This week Nifty triggered our short trade and completed all our short targets for the week giving around 75 points from the short trade . Had mentioned in the previous weekly post 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 week prior to the previous one we had mentioned that "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 had seen a high of 9709 and nifty reversed 125+ points from there so far . 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 .
In the coming week Nifty spot needs to break and sustain above 9615 to confirm uptrend and then one can expect a move till 9644 initially and breaking and sustaining above 9652 will give further confirmation for the next move which can take us up till 9704. Similarly Nifty spot needs to break and sustain below 9561 to confirm downtrend and then one can expect a move till 9532 initially and breaking and sustaining below 9525 will give further confirmation for the next move which can take us down till 9472 .
Nifty Spot Levels for the week are
Long above 9605 , Tgt 9615 - 9624 - 9632
IF Nifty spot manages to get a close / sustain above 9644 then ,
long again for 9652 - 9676 - 9704
Short below 9571 , Tgt 9561 - 9552 - 9544
IF Nifty spot manages to get a close / sustain below 9532 then,
short again for 9525 - 9500 - 9472
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.