This week Nifty spot went down by 25 points and went up by 225 points before finally ending the week with a gain of 130 points compared to last weekly closing. Nifty had made a new life time high of 11171.55 in January and has since corrected by 1300 points .
As per levels given for the previous week Nifty Spot needed to break and sustain above 10050 to trigger a upmove and Nifty spot needed to break and sustain below 9920 to trigger downmove for the week. Nifty made a high of 10207.90 and a low of 9958.55 for the week.
In the previous week had mentioned that " Now in the coming week Nifty needs to break and sustain above 10050 to test 10120 - 10135 initially and above it we can see a test of 10195 - 10260 . Breaking and sustaining below 9920 we can see a test of 9850 - 9830 initially and below it we can see a test of 9770 - 9705 . Those who are holding shorts entered near 10224 with a cbsl of 10300 should now their trailing cbsl to 10050 for the coming week and look to book on a further dip till 9880 - 9850 on sustaining below 9920. Fresh long positions may be entered only on dips near 9880 - 9850 with a cbsl of 9830 or on sustaining / closing above 10050 spot for a initial target of 10120 - 10135 and above it till 10195 - 10260 . Nifty has good support near 9850 - 9830 now and can take some support there in the coming week . " and Nifty did not break 9920 and went up to make a high of 10207.90 giving 175 points from the weekly long trade after taking out our trailing cbsl of shorts taken earlier near 10225 which also gave 175 points . Our previous monthly shorts were confirmed below 10350 and the positional cbsl for that was at 10490 for a initial target of 10205 - 10165 and next target were 10040 - 9900 , and we saw a low of 9951.90 being made so far for the month nearly completing our monthly short targets .
Now in the coming week Nifty needs to break and sustain above 10210 to test 10310 - 10335 initially and above it we can see a test of 10425 - 10520 . Breaking and sustaining below 10015 we can see a test of 9915 - 9890 initially and below it we can see a test of 9805 - 9710. Those who entered long positions last week above 10050 should keep a cbsl of 10015 this week and can hold only on sustaining / closing above 10210 with a trailing cbsl of 10140 . Fresh shorts may be entered this week on sustaining / closing below 10015 with a cbsl of 10085 . Nifty has good support near 9850 - 9830 now and can take some support there in the coming week .
For the month of April , longs will get confirmed with a consecutive close above 10315 for a initial target of 10520 - 10575 and sustaining / closing above it we can see a further move till 10750 - 10900 . Similarly shorts will get confirmed with a consecutive close below 9915 for a initial target of 9705 - 9655 and sustaining / closing below it we can see a further move till 9475 - 9275 .
Nifty Spot Levels for the week are
Long above 10175 , Tgt 10210 - 10240 - 10270
IF Nifty spot manages to get a close / sustain above 10310 then ,
long again for 10335 - 10425 - 10520
Short below 10055 , Tgt 10015 - 9990 - 9960
IF Nifty spot manages to get a close / sustain below 9915 then,
short again for 9890 - 9805 - 9710
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 .
If you want to see the post in your Inbox , kindly register by adding your email id in the 'Subscribe to my posts' section on the top right side of the blog.
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.