This week Nifty spot went down 23 points and then went up 114 points over last weeks close and finally ended the week with a gain of 51 points compared to last weekly closing .
Last week we had mentioned that Nifty Spot needs to break and sustain above 8857 to confirm uptrend and Nifty spot needs to break and sustain below 8703 to confirm downtrend for the week. Nifty made a high of 8893.35 and a low of 8757.30 for the week. We have closed just 22 points higher from where we were 3 weeks ago indicating that we are again seeing sideways moves .
This week Nifty triggered our long trade and achieved just 2 targets giving us around 50 points from the long trade . Had mentioned in the weekly post 2 weeks ago that '8900 is our trend continuation level' and we saw Nifty close below 8900 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 again this week make a low at 8757.30 and reverse to test 8893.35 levels again . Nifty traded the entire week between 8750 - 8900 indicating indecisiveness to breakout on either side. As mentioned in the previous daily posts 'As long as Nifty is closing below our trend continuation level of 8900 we can expect the upmoves to be sold into' and that view has held good for this week . Nifty has managed to close above the resistance levels of 8735 - 8742 comfortably again 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 8896 to confirm uptrend and then one can expect a move till 8963 initially and breaking and sustaining above 8980 will give further confirmation for the next move which can take us up till 9102. Similarly Nifty spot needs to break and sustain below 8768 to confirm downtrend and then one can expect a move till 8700 initially and breaking and sustaining below 8683 will give further confirmation for the next move which can take us down till 8561 . This is the expiry week too for September series in the F&O segment and we can expect some swings .
Nifty Spot Levels for the week are
Long above 8871 , Tgt 8896 - 8915 - 8935
IF Nifty spot manages to get a close / sustain above 8963 then ,
long again for 8980 - 9039 - 9102
Short below 8792 , Tgt 8768 - 8748 - 8728
IF Nifty spot manages to get a close / sustain below 8700 then,
short again for 8683 - 8625 - 8561
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.