This week Nifty spot went up 42 points over last weeks close and went down by 94 points and finally ended the week with a gain of 29 points compared to last weekly closing.
As per levels given for the previous week Nifty Spot needed to break and sustain above 9925 to confirm uptrend and Nifty spot needed to break and sustain below 9849 to confirm downtrend for the week. Nifty made a new life time high of 9928.20 and a low of 9792.05 for the week .
This week Nifty initially triggered our long trade but failed to sustain and immediately reversed. It then triggered our short trade for the week and completed our initial 3 weekly short targets giving around 55 points from the trade . Further downmove was expected on sustaining / closing below 9800 and Nifty took support at 9792.05 and again reversed to close above 9900 levels. In the previous week had mentioned that " Now in the coming sessions Nifty needs to break and sustain above 9925 to test 9965 - 9975 initially and above it we can see a test of 10010 - 10045 . Breaking and sustaining below 9849 we can see a test of 9810 - 9800 and below it we can see a test of 9765 - 9730 . Those who are long should move up their cbsl to 9625 spot now " , and we saw Nifty reverse from just above 9925 making a new life time high and again take support just below 9800 on the downside and trade in a narrow range .
Now in the coming sessions Nifty needs to break and sustain above 9965 to test 10015 - 10030 initially and above it we can see a test of 10075 - 10125. Breaking and sustaining below 9865 we can see a test of 9815 - 9800 initially and below it we can see a test of 9755 - 9705.
Nifty Spot Levels for the week are
Long above 9945 , Tgt 9965 - 9980 - 9995
IF Nifty spot manages to get a close / sustain above 10015 then ,
long again for 10030 - 10075 - 10125
Short below 9885 , Tgt 9865 - 9850 - 9835
IF Nifty spot manages to get a close / sustain below 9815 then,
short again for 9800 - 9755 - 9705
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.