This week Nifty spot went up by 252 points and went down by 47 points before finally ending the week with a loss of 32 points compared to last weekly closing. Nifty had made a new life time high of 11171.55 in January and has since corrected by nearly 1000 points .
As per levels given for the previous week Nifty Spot needed to break and sustain above 10300 to trigger uptrend and Nifty spot needed to break and sustain below 10155 to trigger downtrend for the week. Nifty made a high of 10478.60 and a low of 10180.25 for the week.
In the previous week had mentioned that " 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 move their weekly 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. " and Nifty took the trailing weekly cbsl of shorts at 10300 and made a high of 10478.60 within our next resistance zone of 10455 - 10530, before correcting again .Our monthly shorts were confirmed and the positional cbsl for that is at 10490 which is yet to be taken to assume any reversal. For a further correction Nifty needs to sustain / close below 10155 next .
Now in the coming week Nifty needs to break and sustain above 10300 to test 10405 - 10435 initially and above it we can see a test of 10525 - 10630 . Breaking and sustaining below 10090 we can see a test of 9985 - 9955 initially and below it we can see a test of 9865 - 9765. Those who are looking to enter fresh shorts this week should keep a cbsl of 10300 and can hold once Nifty closes below 10090 with a trailing cbsl of 10165 . Fresh long positions should be entered only on closing above 10300 spot for a initial target of 10405 - 10435 . Nifty has support near 10130 - 10090 now and resistance near 10260 - 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 10260 , Tgt 10300 - 10330 - 10360
IF Nifty spot manages to get a close / sustain above 10405 then ,
long again for 10435 - 10525 - 10630
Short below 10130 , Tgt 10090 - 10060 - 10030
IF Nifty spot manages to get a close / sustain below 9985 then,
short again for 9955 - 9865 - 9765
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.