This week Nifty spot went down by 150 points and then went up by 47 points before finally ending the week with a gain of 39 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 10515 to trigger uptrend and Nifty spot needed to break and sustain below 10390 to trigger downtrend for the week. Nifty made a high of 10499.10 and a low of 10302.75 for the week.
In the previous week had mentioned that " 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 previous 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 . " and Nifty made a low of 10302.75 completing our initial 3 weekly short targets but it held the lower end of the support zone of 10390 - 10360 by not giving a close below 10360 on closing basis . Now as mentioned one should have booked the shorts as we did not get a close below 10360 even though our weekly trailing cbsl of 10550 is yet to be taken . Those who are yet to book the shorts entered near 11175 should look to book in the coming week on Nifty sustaining or closing above 10550 now as it would still give around 600 points from the positional short trade .
Now in the coming week Nifty needs to break and sustain above 10535 to test 10625 - 10645 initially and above it we can see a test of 10705 - 10770 . Breaking and sustaining below 10450 we can see a test of 10355 - 10335 initially and below it we can see a test of 10275 - 10210. Those who are yet to book the shorts entered near 11175 should look to book in the coming week on Nifty sustaining or closing above 10550 and take around 600 points from the positional short trade . The short position can be held if Nifty gives a close below 10450 with a further trailing cbsl of 10475 . Nifty has support near 10355 - 10335 now in the coming week . Nifty can face resistance near 10660 - 10700 zone on the upside .
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 10535 , Tgt 10560 - 10580 - 10600
IF Nifty spot manages to get a close / sustain above 10625 then ,
long again for 10645 - 10705 - 10770
Short below 10450 , Tgt 10425 - 10405 - 10385
IF Nifty spot manages to get a close / sustain below 10355 then,
short again for 10335 - 10275 - 10210
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.