Wishing everyone a very Happy Diwali and a prosperous Samvat 2073
This week Nifty spot went up 44 points and then went down 143 points over last weeks close and finally ended the week with a loss of 55 points compared to last weekly closing .
As per levels given for the previous week Nifty Spot needed to break and sustain above 8769 to confirm uptrend and Nifty spot needed to break and sustain below 8617 to confirm downtrend for the week. Nifty made a high of 8736.95 and a low of 8550.25 for the week.
This week Nifty triggered our short trade and completed our initial 3 targets giving around 80 points. Further down move confirmation for this week was on breaking and sustaining below 8537 which did not get confirmed and Nifty reversed to close around 80 points up from the lows made . Had mentioned in the weekly post 6 weeks ago that '8900 is our trend continuation level for September' and we saw Nifty close below 8900 indicating weakness in the current uptrend.' 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 have corrected all the way till 8506.15 in the month of October till now . We have seen a correction of 450 points from the highs of September now. As mentioned before 'Incase of a break of 8520 - 8515 levels , Nifty has a small support near 8480 - 8464 levels' and ' If Nifty holds 8522 on closing then we should see a retest of 8673 - 8735 levels and above it till 8812 levels' and we saw Nifty make a high of 8736.95 this week. Nifty now has immediate resistance near 8735 - 8765 zone and breaking and sustaining above it we can see it test 8815 - 8849 levels. In October we have seen Nifty trade between our downtrend and uptrend levels of 8467 - 8755 and it did not manage to give a close below or above these levels .
For the month of November we can expect uptrend in Nifty spot on a consecutive close above 8691 and downtrend continuation would be on a consecutive close below 8561
In the coming week Nifty spot needs to break and sustain above 8699 to confirm uptrend and then one can expect a move till 8763 initially and breaking and sustaining above 8779 will give further confirmation for the next move which can take us up till 8895. Similarly Nifty spot needs to break and sustain below 8577 to confirm downtrend and then one can expect a move till 8513 initially and breaking and sustaining below 8497 will give further confirmation for the next move which can take us down till 8382 .
Nifty Spot Levels for the week are
Long above 8675 , Tgt 8699 - 8717 - 8736
IF Nifty spot manages to get a close / sustain above 8763 then ,
long again for 8779 - 8834 - 8895
Short below 8601 , Tgt 8577 - 8559 - 8540
IF Nifty spot manages to get a close / sustain below 8513 then,
short again for 8497 - 8442 - 8382
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.