This week Nifty spot went down by 317 points before finally ending the week with a loss of 232 points compared to last weekly closing. Nifty had made a new life time high of 11171.55 in January and has since corrected by 1030 points .
As per levels given for the previous week Nifty Spot needed to break and sustain above 10520 to trigger uptrend and Nifty spot needed to break and sustain below 10395 to trigger downtrend for the week. Nifty made a high of 10428.70 and a low of 10141.55 for the week.
In the previous week had mentioned that " 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 can be entered only on closing above 10635 spot . Nifty has support near 10355 - 10335 now and resistance near 10585 - 10600 zone in the coming week. " and Nifty made a low of 10141.55 .
Now in the coming week Nifty needs to break and sustain above 10300 to test 10375 - 10390 initially and above it we can see a test of 10455 - 10530 . Breaking and sustaining below 10155 we can see a test of 10080 - 10060 initially and below it we can see a test of 9995 - 9925. Those who are holding shorts should now more their weekly trailing cbsl to 10300 from 10630 mentioned in the previous weekly post . The short position can be held further on a closing below 10155 . Fresh long positions should be entered only on closing above 10300 spot for a initial target of 10375 - 10395 . Nifty has support near 10185 - 10155 now and resistance near 10270 - 10300 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 . In the previous week Nifty shorts got confirmed and completed the initial targets of 10205 - 10165 with a low of 10141.55 and now a further correction Nifty needs to sustain / close below 10155 next .
Nifty Spot Levels for the week are
Long above 10270 , Tgt 10300 - 10320 - 10340
IF Nifty spot manages to get a close / sustain above 10375 then ,
long again for 10390 - 10455 - 10530
Short below 10185 , Tgt 10155 - 10135 - 10110
IF Nifty spot manages to get a close / sustain below 10080 then,
short again for 10060 - 9995 - 9925
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.