This week Nifty spot went down 22 points over last weeks close then went up by 220 points before finally ending the week with a gain of 177 points compared to last weekly closing.
As per levels given for the previous week Nifty Spot needed to break and sustain above 10200 to confirm uptrend and Nifty spot needed to break and sustain below 10090 to confirm downtrend for the week. Nifty made a high of 10366.15 and a low of 10124.50 for the week.
Nifty triggered our weekly long trade and completed nearly all our long targets giving nearly 180 points from our weekly long trade . Nifty missed our last weekly long target by 9 points . In the previous week had mentioned that " Now in the coming week Nifty needs to break and sustain above 10200 to test 10255 - 10270 initially and above it we can see a test of 10320 - 10375 . Breaking and sustaining below 10090 we can see a test of 10035 - 10020 initially and below it we can see a test of 9975 - 9920 . Those who are holding long positions should now keep a cbsl of 10090 and can hold their positions on a close above 10200 . Fresh shorts positions can be taken on sustaining / closing below 10090 in the coming week . For a stronger downmove we need a close below 9650 this month . " , and we saw Nifty make a high of 10366.15 holding on to the trailing cbsl of 10090 . Bank Nifty gave a strong move last week on the back of the recapitalization news of PSU banks.
Now in the coming week Nifty needs to break and sustain above 10370 to test 10420 - 10430 initially and above it we can see a test of 10470 - 10515 . Breaking and sustaining below 10275 we can see a test of 10230 - 10215 initially and below it we can see a test of 10175 - 10130. Those who are holding long positions should now keep a cbsl of 10275. Fresh shorts positions can be taken on sustaining / closing below 10275 in the coming week. For a bigger move we need a close below 10215 now .
Nifty Spot Levels for the week are
Long above 10350 , Tgt 10370 - 10385 - 10400
IF Nifty spot manages to get a close / sustain above 10420 then ,
long again for 10430 - 10470 - 10515
Short below 10295 , Tgt 10275 - 10260 - 10250
IF Nifty spot manages to get a close / sustain below 10230 then,
short again for 10215 - 10175 - 10130
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.