This week Nifty spot went down by 228 points and then went up by 22 points before finally ending the week with a loss of 38 points compared to last weekly closing.
As per levels given for the previous week Nifty Spot needed to break and sustain above 10375 to confirm uptrend and Nifty spot needed to break and sustain below 10265 to confirm downtrend for the week. Nifty made a high of 10343.60 and a low of 10094 for the week.
Nifty triggered our weekly short trade and completed all short targets giving 180 points from our weekly short trade . In the previous week had mentioned that " Now in the coming week Nifty needs to break and sustain above 10375 to test 10430 - 10445 initially and above it we can see a test of 10495 - 10545 . Breaking and sustaining below 10265 we can see a test of 10210 - 10195 initially and below it we can see a test of 10150 - 10100 . Those who have taken long position in the previous week correction should keep a cbsl of 10240 . Fresh shorts positions can be taken on sustaining / closing below 10265 in the coming week and should be held on sustaining / closing below 10240 which is the cbsl for any long positions taken. For a bigger move we need a close below 10240 now . " , and we saw Nifty take our cbsl of longs at 10240 and make a low of 10094 and completing our expected targets of 10100 on the downside . Nifty gave a good bounce from there to close just 38 points below the previous weekly close also backed by the credit rating upgrade received by India after nearly 14 years from Moodys .
Now in the coming week Nifty needs to break and sustain above 10350 to test 10420 - 10440 initially and above it we can see a test of 10500 - 10565 . Breaking and sustaining below 10215 we can see a test of 10145 - 10130 initially and below it we can see a test of 10070 - 10000. Those who have taken long positions in the previous week correction near 10100 should keep a cbsl of 10215. Fresh long positions can be taken on sustaining / closing above 10350 in the coming week and can be held on sustaining / closing above 10440 .
Nifty Spot Levels for the week are
Long above 10325 , Tgt 10350 - 10370 - 10390
IF Nifty spot manages to get a close / sustain above 10420 then ,
long again for 10440 - 10500 - 10565
Short below 10240 , Tgt 10215 - 10195 - 10175
IF Nifty spot manages to get a close / sustain below 10145 then,
short again for 10130 - 10070 - 10000
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.