This week Nifty spot went down by 124 points and then went up by 107 points before finally ending the week with a gain of 68 points compared to last weekly closing.
As per levels given for the previous week Nifty Spot needed to break and sustain above 10340 to confirm uptrend and Nifty spot needed to break and sustain below 10185 to confirm downtrend for the week. Nifty made a high of 10373.10 and a low of 10141.55 for the week.
Nifty initially triggered our weekly short trade and nearly completed our initial 3 weekly short targets giving 70 points and then took our TSL . For further correction we needed it to close / sustain below 10095 which did not happen . It then reversed and triggered our weekly long trade and completed 2 targets giving 60 points from the weekly long trade. In the previous week had mentioned that " Now in the coming week Nifty needs to break and sustain above 10340 to test 10345 - 10455 initially and above it we can see a test of 10530 - 10610 . Breaking and sustaining below 10185 we can see a test of 10095 - 10075 initially and below it we can see a test of 10000 - 9920 . Those who are holding longs entered above 10180 in the previous week should now keep a trailing cbsl of 10185 and can further move their trailing cbsl to 10290 once Nifty breaks and sustains / closes below 10340 . Fresh long positions can be taken on sustaining / closing above 10340 in the coming week and can be held on sustaining / closing above 10455 . " , and we saw Nifty take our trailing cbsl for longs at 10290 entered above 10180 levels and then confirm our short trade and give another 70 points as per the weekly short levels .
Now in the coming week Nifty needs to break and sustain above 10410 to test 10485 - 10505 initially and above it we can see a test of 10575 - 10650 . Breaking and sustaining below 10255 we can see a test of 10180 - 10160 initially and below it we can see a test of 10090 - 10020. Those who are holding longs entered above 10340 in the previous week should now keep a trailing cbsl of 10260 and can further move their trailing cbsl to 10355 once Nifty breaks and sustains / closes above 10410 . Fresh long positions can be taken on sustaining / closing above 10410 in the coming week and can be held on sustaining / closing above 10465 as per monthly resistance . As mentioned last week " For a bigger upmove in December we need a consecutive close above 10330 which should also be the stoploss for those looking to enter fresh shorts in the coming week ." , we have got the first close above it on Friday and we need to get a consecutive close now on Monday to continue to move up further . Nifty has resistance near 10455 - 10465 as per the monthly levels and it needs to sustain / close above it to make a move towards 10550 - 10650 levels .
Nifty Spot Levels for the week are
Long above 10380 , Tgt 10410 - 10430 - 10455
IF Nifty spot manages to get a close / sustain above 10485 then ,
long again for 10505 - 10575 - 10650
Short below 10285 , Tgt 10255 - 10235 - 10215
IF Nifty spot manages to get a close / sustain below 10180 then,
short again for 10160 - 10090 - 10020
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.