Wishing all the readers in advance a Happy New Year !!!
This week Nifty spot went up by 59 points and then went down by 33 points before finally ending the week with a gain of 38 points compared to last weekly closing.
As per levels given for the previous week Nifty Spot needed to break and sustain above 10550 to confirm uptrend and Nifty spot needed to break and sustain below 10435 to confirm downtrend for the week. Nifty made a high of 10552.40 and a low of 10460.45 for the week.
In the last week of the year which was also a truncated one Nifty did not confirm a trade in either direction and traded mostly between our weekly long and short confirmation levels . In the previous week had mentioned that " Now in the coming week Nifty needs to break and sustain above 10550 to test 10610 - 10625 initially and above it we can see a test of 10675 - 10735 . Breaking and sustaining below 10435 we can see a test of 10375 - 10360 initially and below it we can see a test of 10310 - 10250 . Those who are holding longs entered above 10340 in the previous week should now keep a trailing cbsl of 10410 and can further move their trailing cbsl to 10510 once Nifty breaks and sustains / closes above 10550 . Fresh long positions can be taken on sustaining / closing above 10550 in the coming week and can be held on sustaining / closing above 10625 ." and Nifty made a high of 10552.40 but could not sustain / close above it for fresh longs to be entered for the week .
Now in the coming week Nifty needs to break and sustain above 10570 to test 10615 - 10625 initially and above it we can see a test of 10660 - 10695 . Breaking and sustaining below 10490 we can see a test of 10450 - 10440 initially and below it we can see a test of 10405 - 10365. Those who are holding longs entered above 10340 since 2 weeks should now move their trailing cbsl to 10490 from 10410 given last week and can further move their trailing cbsl to 10545 once Nifty breaks and sustains / closes above 10570 . Fresh long positions can be taken on sustaining / closing above 10570 in the coming week and can be held on a consecutive close above 10615 . Those who are looking to go short on a rise till 10570 should keep a strict cbsl of 10615 and can hold on sustaining / closing below 10490 for the week .
In the month of January fresh longs can be considered on getting a consecutive close above 10615 and fresh shorts can be considered on getting a consecutive close below 10450 .
Nifty Spot Levels for the week are
Long above 10555 , Tgt 10570 - 10585 - 10595
IF Nifty spot manages to get a close / sustain above 10615 then ,
long again for 10625 - 10660 - 10695
Short below 10505 , Tgt 10490 - 10480 - 10465
IF Nifty spot manages to get a close / sustain below 10450 then,
short again for 10440 - 10405 - 10365
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 and keep trailing your stoploss .
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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.