NIFTY
This week Nifty spot went up 196 points over last weeks close and finally ended the week with a gain of 86 points compared to last weekly closing .
Last week had mentioned that Nifty Spot needs to break and sustain above 8681 to confirm uptrend and Nifty spot needs to break and sustain below 8542 to confirm downtrend for the week. Nifty made a high of 8806.95 and a low of 8635 for the week.
This week Nifty triggered our long trade and achieved 4 targets giving us around 150 points from the long trade . Had mentioned in the weekly post 3 weeks ago that '8900 is our trend continuation level' and we saw Nifty close below 8900 indicating weakness in the current uptrend and it can make us go back to test the breakout levels of 8735 if global markets also turn weak' and also that 'We also have a support now at 8673 below 8735 and only on a consecutive closing below 8673 we can expect a test of 8520 - 8515 levels incase of a deeper correction' and we saw Nifty finally a week ago make a low at 8555.20 and manage to close above 8600 spot levels for that week . Incase of a break of 8522 Nifty has a small support near 8480 - 8464 levels . In the week gone by Nifty has managed to hold on to the lows made in the last week of September and has not broken below 8600 levels. Bank Nifty was lacking strength to help Nifty close above 8755 levels which is our trend continuation level for this month. Market is looking for some triggers to make a strong move in any direction . We have a truncated week with our markets closed on Tuesday & Wednesday and we have the 2nd US presidential debate on Monday which would looked at to provide some triggers by the world markets which inturn could get passed on to our markets too . The positve thing we can take from the week passed is that Nifty did not break below 8600 even intraday and the negative thing is that though it broke above 8755 on 3 consecutive days it could not give a close above it . For now Nifty is trading in a range of 8555 - 8755 and we would need to watch for a break of this range on closing to see the next move.
For the month of October we can expect uprend in Nifty spot on a consecutive close above 8755 and downtrend continuation would be on a consecutive close below 8467
In the coming week Nifty spot needs to break and sustain above 8769 to confirm uptrend and then one can expect a move till 8845 initially and breaking and sustaining above 8864 will give further confirmation for the next move which can take us up till 9000. Similarly Nifty spot needs to break and sustain below 8626 to confirm downtrend and then one can expect a move till 8550 initially and breaking and sustaining below 8531 will give further confirmation for the next move which can take us down till 8395 .
Nifty Spot Levels for the week are
Long above 8742 , Tgt 8769 - 8791 - 8813
IF Nifty spot manages to get a close / sustain above 8845 then ,
long again for 8864 - 8929 - 9000
Short below 8653 , Tgt 8626 - 8604 - 8582
IF Nifty spot manages to get a close / sustain below 8550 then,
short again for 8531 - 8466 - 8395
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 .
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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.
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