This week Nifty spot went up by 140 points and then went down by 44 points before finally ending the week with a loss of 33 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 10535 to trigger uptrend and Nifty spot needed to break and sustain below 10450 to trigger downtrend for the week. Nifty made a high of 10631.65 and a low of 10447.15 for the week.
In the previous week had mentioned that " 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 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 positions 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 has resistance near 10660 - 10700 zone on the upside " and Nifty made a high of 10631.75 near our resistance zone but also took our trailing cbsl for positions entered near 11175 giving around 600 points from the positional short .
Now in the coming week Nifty needs to break and sustain above 10520 to test 10585 - 10600 initially and above it we can see a test of 10655 - 10720 . Breaking and sustaining below 10395 we can see a test of 10335 - 10315 initially and below it we can see a test of 10260 - 10200. Those who are looking to enter fresh shorts now should keep a strict cbsl of 10635 spot for their positions .The short position can be held further on a closing below 10350 with a trailing cbsl of 10450 . Fresh long positions should be entered only on closing above 10635 spot . Nifty has support near 10335 - 10315 now and resistance near 10585 - 10600 zone in the coming week .
For the month of March , longs will get confirmed with a consecutive close above 10635 for a initial target of 10780 - 10820 and sustaining / closing above it we can see a further move till 10950 - 11090 . Similarly shorts will get confirmed with a consecutive close below 10350 for a initial target of 10205 - 10165 and sustaining / closing below it we can see a further move till 10040 - 9900 .
Nifty Spot Levels for the week are
Long above 10500 , Tgt 10520 - 10540 - 10560
IF Nifty spot manages to get a close / sustain above 10585 then ,
long again for 10600 - 10655 - 10720
Short below 10420 , Tgt 10395 - 10380 - 10360
IF Nifty spot manages to get a close / sustain below 10335 then,
short again for 10315 - 10260 - 10200
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.