This week Nifty spot went up 159 points over last weeks close and finally ended the week with a gain of 57 points compared to last weekly closing .
Last week we had mentioned that Nifty Spot needs to break and sustain above 8862 to confirm uptrend and Nifty spot needs to break and sustain below 8757 to confirm downtrend for the week. Nifty made a high of 8968.70 and a low of 8848.45 for the week.
This week Nifty triggered our long trade and achieved 4 targets giving us around 90 points from the long trade . Had mentioned in the previous few daily posts that Nifty has resistance near 8970 - 9020 levels , and we saw Nifty make a high of 8968.70 and take resistnace near the levels mentioned . Had mentioned all through August that Nifty needs to break and sustain above 8735 for further upmove and once Nifty broke and sustained above 8735 we saw a further upmove of more that 200 points. In the previous weekly post had mentioned that '8900 is our trend continuation level' and we saw Nifty close below 8900 on Friday 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. Nifty has some support at 8816 levels and once it sustains below it we can see a test of upto 8735 levels . 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. Nifty needs to give a close above 8956 to begin its next upmove towards 9050 - 9100
Trend continuation in Nifty spot for the month of September would be on a consecutive close above 8900 and trend reversal would be on a consecutive close below 8673
In the coming week Nifty spot needs to break and sustain above 8935 to confirm uptrend and then one can expect a move till 9007 initially and breaking and sustaining above 9025 will give further confirmation for the next move which can take us up till 9155. Similarly Nifty spot needs to break and sustain below 8799 to confirm downtrend and then one can expect a move till 8726 initially and breaking and sustaining below 8708 will give further confirmation for the next move which can take us down till 8578 .
Nifty Spot Levels for the week are
Long above 8909 , Tgt 8935 - 8956 - 8977
IF Nifty spot manages to get a close / sustain above 9007 then ,
long again for 9025 - 9087 - 9155
Short below 8825 , Tgt 8799 - 8777 - 8756
IF Nifty spot manages to get a close / sustain below 8726 then,
short again for 8708 - 8646 - 8578
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.