This week Nifty spot went down 120 points and went up 51 points from last weeks close and finally ended the week with a gain of 45 points compared to last weekly closing .
Last week we had mentioned that Nifty Spot needs to break and sustain above 8685 to confirm uptrend and Nifty spot needs to break and sustain below 8592 to confirm downtrend. Nifty made a high of 8689.40 and a low of 8518.15 for the week.
This week Nifty triggered our short trade and completed 4 targets giving us nearly 80 points from the short trade . As mentioned in the previous weekly post we were expecting Nifty to test 8543 - 8530 levels if it managed break and sustain below 8592 and Nifty completed our targets once it sustained below it . Nifty has this week again taken support near 8518.15 whcih is nearly at the same level of 8517.20 where it took support last week too . So it appears that there is good support coming in at 8520 - 8515 levels and breaking and sustaining below these levels should be watched now for a further decline on corrections . Nifty has closed at the highest point of this current upmove on Friday and also comfortably above the immediate resistance of 8630 - 8660 . We were looking for a close above 8685 for confirmation of further upmove in the week that ended and Nifty has closed just below it at 8683.15. Though Nifty had broken below our trend reversal level of 8542 twice in the week but it had failed to give a close below it giving an indication that maybe it was not ready to fall further yet. Now we need to see if we can get a close above 8735 to continue this upmove and test 8830 .
Trend continuation in Nifty spot for the month of August would be on a consecutive close above 8735 and trend reversal would be on a consecutive close below 8542
In the coming week Nifty spot needs to break and sustain above 8742 to confirm uptrend and then one can expect a move till 8803 initially and breaking and sustaining above 8819 will give further confirmation for the next move which can take us up till 8930. Similarly Nifty spot needs to break and sustain below 8625 to confirm downtrend and then one can expect a move till 8563 initially and breaking and sustaining below 8548 will give further confirmation for the next move which can take us down till 8436.
Nifty Spot Levels for the week are
Long above 8719 , Tgt 8742 - 8760 - 8778
IF Nifty spot manages to get a close / sustain above 8803 then ,
long again for 8819 - 8872 - 8930
Short below 8647 , Tgt 8625 - 8607 - 8589
IF Nifty spot manages to get a close / sustain below 8563 then,
short again for 8548 - 8494 - 8436
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.