This week Nifty spot went down by 15 points and went up by 226 points before finally ending the week with a gain of 214 points compared to last weekly closing. Nifty made a new life time high of 10906.85 .
As per levels given for the previous week Nifty Spot needed to break and sustain above 10705 to confirm uptrend and Nifty spot needed to break and sustain below 10655 to confirm downtrend for the week. Nifty made a high of 10906.85 and a low of 10666.75 for the week.
In the previous week had mentioned that " Now in the coming week Nifty needs to break and sustain above 10705 to test 10735 - 10740 initially and above it we can see a test of 10765 - 10790 . Breaking and sustaining below 10655 we can see a test of 10625 - 10620 initially and below it we can see a test of 10600 - 10575 . Those who are holding longs on sustaining above 10615 should now keep a weekly trailing cbsl of 10655 . " , and Nifty made a low of 10666.75 10 points above our trailing cbsl of longs and we up to make a new high of 10906.85 .
Now in the coming week Nifty needs to break and sustain above 10935 to test 10975 - 10985 initially and above it we can see a test of 11020 - 11060 . Breaking and sustaining below 10855 we can see a test of 10815 - 10805 initially and below it we can see a test of 10770 - 10730. Those who are holding longs entered on sustaining above 10615 and had trailed their cbsl to 10655 as mentioned in the previous weekly post , should now further move their trailing weekly cbsl to 10855 spot and look to book if Nifty does not close above 10935 . If Nifty closes above 10935 then it can go till 10975 - 10985 where it should face resistance in the coming week . Those who are looking to enter short positions next week near 10975 - 11000 should keep a strict cbsl of 11060 .
As mentioned in the previous weekly post " 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 confirmed our monthly longs last week and it has to now close above the resistance zone of 10700 - 10720 for a test of 10795 - 10875 ." , and Nifty after closing consecutively above 10615 completed all our targets till 10875 with a high of 10906.85 giving us 260 points from the monthly long trade .
Nifty Spot Levels for the week are
Long above 10920 , Tgt 10935 - 10945 - 10960
IF Nifty spot manages to get a close / sustain above 10975 then ,
long again for 10985 - 11020 - 11060
Short below 10870 , Tgt 10855 - 10845 - 10830
IF Nifty spot manages to get a close / sustain below 10815 then,
short again for 10805 - 10770 - 10730
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.