This week Nifty spot went down 178 points over last weeks close and finally ended the week with a loss of 77 points compared to last weekly closing .
Last week we had mentioned that Nifty Spot needs to break and sustain above 8935 to confirm uptrend and Nifty spot needs to break and sustain below 8799 to confirm downtrend for the week. Nifty made a high of 8847.65 and a low of 8688.90 for the week. The high seen this week is nearly the same as the low seen in previous week of 8848.45 . We have closed just 30 points lower from where we were 2 weeks ago indicating that we are again seeing sideways moves .
This week Nifty triggered our short trade and achieved 4 targets giving us around 120 points from the short trade . Had mentioned in the previous weekly post '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' 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 make a low at 8688.90 and hold for the week and reverse to test 8835 levels again . 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. Now Nifty has managed to close above the resistance levels of 8735 - 8742 this week. Further correction is possible again on breaking and sustaining below 8673 . Incase Nifty breaks and sustains below 8673 this week we have some support near 8622 - 8601 which should be watched for the next move .
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 8857 to confirm uptrend and then one can expect a move till 8938 initially and breaking and sustaining above 8959 will give further confirmation for the next move which can take us up till 9105. Similarly Nifty spot needs to break and sustain below 8703 to confirm downtrend and then one can expect a move till 8622 initially and breaking and sustaining below 8601 will give further confirmation for the next move which can take us down till 8454 .
Nifty Spot Levels for the week are
Long above 8827 , Tgt 8857 - 8880 - 8904
IF Nifty spot manages to get a close / sustain above 8938 then ,
long again for 8959 - 9029 - 9105
Short below 8732 , Tgt 8703 - 8679 - 8655
IF Nifty spot manages to get a close / sustain below 8622 then,
short again for 8601 - 8531 - 8454
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.