This week Nifty spot went down by 484 points before finally ending the week with a loss of 212 points compared to last weekly closing. Nifty had made a new life time high of 11171.55 in January.
As per levels given for the previous week Nifty Spot needed to break and sustain above 10825 to trigger uptrend and Nifty spot needed to break and sustain below 10695 to trigger downtrend for the week. Nifty made a high of 10702.75 and a low of 10276.30 for the week.
In the previous week had mentioned that " Now in the coming week Nifty needs to break and sustain above 10865 to test 10970 - 11000 initially and above it we can see a test of 11090 - 11190 . Breaking and sustaining below 10660 we can see a test of 10555 - 10525 initially and below it we can see a test of 10435 - 10330 . Those who are holding shorts entered near 11175 with cbsl of 11195 as mentioned in the previous weekly post should now trail their weekly cbsl to 10870 and if Nifty sustains below 10660 they should further move the trailing cbsl to 10730 in the coming week and also look to book if Nifty does not break below 10525 . Nifty has support near 10600 - 10500 now in the coming week . We can expect volatility next week too . " and Nifty made a low of 10276.30 completing all our weekly short targets and giving us 365 points completing our weekly last targets . Those who entered near 11175 with a cbsl of 11195 have got so far 750+ points from the short trade .
Now in the coming week Nifty needs to break and sustain above 10515 to test 10650 - 10680 initially and above it we can see a test of 10765 - 10860 . Breaking and sustaining below 10390 we can see a test of 10260 - 10230 initially and below it we can see a test of 10145 - 10050. Those who are holding shorts entered near 11175 with cbsl of 11195 as mentioned in the weekly post 2 weeks ago and had trailed their cbsl to 10730 as mentioned last week should now further move the trailing cbsl to 10550 in the coming week and also look to book if Nifty does not break and sustain below 10360 . Nifty has support near 10390 - 10360 now in the coming week .
For the month of February shorts are confirmed with a close below 10965 for a initial target of 10775 - 10745 and closing / sustaining below 10745 we can see a test of 10635 - 10515 . Fresh longs will get confirmed with a consecutive close above 11150 for a initial target of 11280 - 11310 and closing / sustaining above it we can see a test of 11420 - 11545 . Now as our montly targets are done , for further downmove now Nifty needs to give a close below 10390 spot to test 10240 - 10200 levels initially and below it we can see a test of 10050 - 9950 . Taking support near 10390 - 10450 zone we can expect a pull back till 10620 - 10675 initially .
Nifty Spot Levels for the week are
Long above 10515 , Tgt 10550 - 10580 - 10610
IF Nifty spot manages to get a close / sustain above 10650 then ,
long again for 10680 - 10765 - 10860
Short below 10390 , Tgt 10360 - 10330 - 10300
IF Nifty spot manages to get a close / sustain below 10260 then,
short again for 10230 - 10145 - 10050
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.