This week Nifty spot went up 14 points over last weeks close and went down by 113 points before finally ending the week with a loss of 39 points compared to last weekly closing.
As per levels given for the previous week Nifty Spot needed to break and sustain above 10045 to confirm uptrend and Nifty spot needed to break and sustain below 9905 to confirm downtrend for the week. Nifty made a high of 9988.40 and a low of 9861 for the week.
Nifty triggered our weekly short trade and completed our initial 3 short targets giving 70 points and then moved sideways the whole week . In the previous week had mentioned that " Now in the coming sessions 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 . " , and we saw both the cbsl of both longs and shorts holding this week as Nifty traded with indecisiveness and in a very narrow range .
Now in the coming week Nifty needs to break and sustain above 9995 to test 10060 - 10075 initially and above it we can see a test of 10135 - 10195. Breaking and sustaining below 9875 we can see a test of 9810 - 9795 initially and below it we can see a test of 9735 - 9675. Those who are holding positional shorts should keep a strict cbsl of 10070 now . Those who are long should keep a cbsl of 9870 for their positions .
Nifty Spot Levels for the week are
Long above 9975 , Tgt 9995 - 10015 - 10035
IF Nifty spot manages to get a close / sustain above 10060 then ,
long again for 10075 - 10135 - 10195
Short below 9895 , Tgt 9875 - 9855 - 9810
IF Nifty spot manages to get a close / sustain below 9830 then,
short again for 9795 - 9735 - 9675
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.