This week Nifty spot went down 73 points over last weeks close and went up by 126 points before finally ending the week with a gain of 117 points compared to last weekly closing.
As per levels given for the previous week Nifty Spot needed to break and sustain above 9935 to confirm uptrend and Nifty spot needed to break and sustain below 9780 to confirm downtrend for the week. Nifty made a high of 9983.45 and a low of 9783.75 for the week.
Nifty triggered our weekly long trade and completed our initial 3 long targets giving 75 points . In the previous week had mentioned that " Now in the coming sessions Nifty needs to break and sustain above 9935 to test 10010 - 10030 initially and above it we can see a test of 10100 - 10175 . Breaking and sustaining below 9780 we can see a test of 9705 - 9685 initially and below it we can see a test of 9615 - 9540 . Those who are short should keep a strict cbsl of 9935 now . Those who are looking to enter fresh longs should wait for Nifty to sustain / close above 9935 or use a dip till 9800 to go long with a strict cbsl of 9765 again . " , and we saw Nifty make a low of 9783.75 giving a good entry to go long with a cbsl of 9765 and then make a high of 9983.45 . Those who would have followed the levels would have seen 200 points in this upmove .
Now in the coming week Nifty needs to break and sustain above 10045 to test 10120 - 10135 initially and above it we can see a test of 10200 - 10270. Breaking and sustaining below 9905 we can see a test of 9830 - 9815 initially and below it we can see a test of 9750 - 9680. Those who are looking to short should keep a strict cbsl of 10045 now . Those who are long should keep a cbsl of 9905 for their positions .
Nifty Spot Levels for the week are
Long above 10020 , Tgt 10045 - 10065 - 10085
IF Nifty spot manages to get a close / sustain above 10120 then ,
long again for 10135 - 10200 - 10270
Short below 9930 , Tgt 9905 - 9885 - 9865
IF Nifty spot manages to get a close / sustain below 9830 then,
short again for 9815 - 9750 - 9680
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.