NIFTY
This week Nifty spot went down 12 points over last weeks close , then went up by 160 points and finally ended the week with a gain of 118 points compared to last weekly closing.
As per levels given for the previous week Nifty Spot needed to break and sustain above 8857 to confirm uptrend and Nifty spot needed to break and sustain below 8786 to confirm downtrend for the week. Nifty made a high of 8982.15 and a low of 8809.80 for the week.
This week Nifty triggered our long trade and completed all our targets giving around 130 points . Had mentioned in the previous weekly post that ' Now Nifty needs to sustain above 8857 this week for the up move to continue till 8972 with resistance near 8895 - 8904 levels' and we saw Nifty make a high of 8982.15 and achieve all our targets .
Have been mentioning since November in the weekly posts 'Those who are holding positional longs or those who are looking to enter on dips should keep a strict CBSL of 7895 for their positions.' . We saw Nifty make a low of 7893.80 in the last week of December and reverse by around 1050+ points till now with Fridays high . Now Nifty needs to sustain above 8977 this week for the up move to continue till 9098 with resistance near 9016 - 9026 levels . Breaking and sustaining below 8902 this week we can see a down move till 8781 with support near 8863 - 8853 levels.
Had mentioned at the start of the month 'For the month of February we can expect uptrend in Nifty spot on a consecutive close above 8696 and downtrend in Nifty spot on a consecutive close below 8427' . Had mentioned in January that we can expect uptrend in Nifty spot on a consecutive close above 8329 and we got a move of nearly 400+ points from there in January.
Nifty has given a further up move of 200 points after closing above our February monthly long confirmation level of 8696 . Now in this week if Nifty is unable to break above 9016 - 9026 levels then we can expect a correction till 8780 levels . Those who are holding positional longs or those who are looking to enter fresh longs on any corrections this week should keep a strict cbsl of 8830 spot for the positions. The current rally is now looking a bit saturated and if Nifty fails to break and sustain above the resistance zone of 9016 - 9026 then we may see a correction till the lower level mentioned and once Nifty sustains or closes below the cbsl level of 8830 then we may see a further correction till 8690 - 8585 .
In the coming week Nifty spot needs to break and sustain above 8977 to confirm uptrend and then one can expect a move till 9016 initially and breaking and sustaining above 9026 will give further confirmation for the next move which can take us up till 9098. Similarly Nifty spot needs to break and sustain below 8902 to confirm downtrend and then one can expect a move till 8863 initially and breaking and sustaining below 8853 will give further confirmation for the next move which can take us down till 8781 .
Nifty Spot Levels for the week are
Long above 8963 , Tgt 8977 - 8988 - 9000
IF Nifty spot manages to get a close / sustain above 9016 then ,
long again for 9026 - 9060 - 9098
Short below 8916 , Tgt 8902 - 8891 - 8879
IF Nifty spot manages to get a close / sustain below 8863 then,
short again for 8853 - 8819 - 8781
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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