This week Nifty spot went up 21 points over last weeks close and went down 381 points before finally ending the week with a loss of 356 points compared to last weekly closing.
As per levels given for the previous week Nifty Spot needed to break and sustain above 10110 to confirm uptrend and Nifty spot needed to break and sustain below 10025 to confirm downtrend for the week.
Nifty triggered our weekly short trade and completed all targets on the short side giving 150+ points from the weekly short trade and exceeded it nearly 200 points too . Those who would have entered the trade as per the weekly levels and followed the daily levels post the last weekly target would have seen good points . In the previous week had mentioned that " Now in the coming sessions Nifty needs to break and sustain above 10110 to test 10155 - 10165 initially and above it we can see a test of 10205 - 10245 . Breaking and sustaining below 10025 we can see a test of 9980 - 9970 and below it we can see a test of 9930 - 9885 . " , and we saw Nifty make a low of 9685.55 on sustaining below our next range of 9930 - 9885 .
Now in the coming sessions Nifty needs to break and sustain above 9765 to test 9820 - 9835 initially and above it we can see a test of 9885 - 9935. Breaking and sustaining below 9655 we can see a test of 9600 - 9585 initially and below it we can see a test of 9540 - 9485. Those who took any long position in this correction should keep a cbsl of 9655 and those who are holding shorts should move their cbsl to 9765 from 10150 given last week .
Nifty Spot Levels for the week are
Long above 9745 , Tgt 9765 - 9780 - 9795
IF Nifty spot manages to get a close / sustain above 9820 then ,
long again for 9835 - 9885 - 9935
Short below 9675 , Tgt 9655 - 9640 - 9625
IF Nifty spot manages to get a close / sustain below 9600 then,
short again for 9585 - 9540 - 9485
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.