This week Nifty spot went down 72 points and went up 24 points from last weeks close and finally ended the week with a loss of 5 points compared to last weekly closing .
Last week we had mentioned that Nifty Spot needs to break and sustain above 8742 to confirm uptrend and Nifty spot needs to break and sustain below 8602 to confirm downtrend. Nifty made a high of 8696.60 and a low of 8600.45 for the week.
This week Nifty triggered our short trade and reversed immediately from just below our confirmation level and traded majorly above it for the week . Nifty did not trigger our long trade either post reversing from our confirmation level for the short trade . Major move was sideways with consolidation . We are yet to break and sustain above our level of 8735 which is our trend continuation level for Nifty for this month . For the week Nifty took support near 8600 levels and if continues to hold on these levels we should see it break and sustain above 8735 after good time now spent in consolidation . As mentioned previously 8542 is our trend reversal level for this series and we have seen Nifty break below it on a few occassions but is yet to give a close below it . In the previous weeks Nifty had taken support twice in the range of 8520 - 8515 levels and this week it took support near 8600 levels . Nifty has given us yet another weekly close above our immediate resistance level of 8630 - 8660. Now we need to see if we can get a close above 8735 to continue this upmove and test 8830 . Failing to sustain above 8735 can again lead to a sell off. We are entering into the exipry week for this August series and it would be interesting to see the price action in the next 2 days.
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 8718 to confirm uptrend and then one can expect a move till 8772 initially and breaking and sustaining above 8786 will give further confirmation for the next move which can take us up till 8883. Similarly Nifty spot needs to break and sustain below 8616 to confirm downtrend and then one can expect a move till 8562 initially and breaking and sustaining below 8548 will give further confirmation for the next move which can take us down till 8451.
Nifty Spot Levels for the week are
Long above 8698 , Tgt 8718 - 8734 - 8750
IF Nifty spot manages to get a close / sustain above 8772 then ,
long again for 8786 - 8832 - 8883
Short below 8635 , Tgt 8616 - 8600 - 8584
IF Nifty spot manages to get a close / sustain below 8562 then,
short again for 8548 - 8502 - 8451
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.