This week Nifty spot went up 40 points and then went down 238 points over last weeks close and finally ended the week with a loss of 204 points compared to last weekly closing .
As per levels given for the previous week Nifty Spot needed to break and sustain above 8699 to confirm uptrend and Nifty spot needed to break and sustain below 8577 to confirm downtrend for the week. Nifty made a high of 8678.25 and a low of 8400.25 for the week.
This week Nifty triggered our short trade and achieved 5 targets giving around 160 points. The last target was at 8382 which was missed by 18 points. Had mentioned in the weekly post 7 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 had corrected all the way till 8506.15 in the month of October and now have corrected further till 8400 in November . Had mentioned before 'Incase of a break of 8520 - 8515 levels , Nifty has a small support near 8480 - 8464 levels' and had mentioned in the previous daily post that 'Incase Nifty closes or sustains below 8464 then we may see a test of 8442 - 8382 levels on the downside' . Once Nifty broke and sustained below our downtrend continuation level for November of 8561 we have seen a quick correction of 150+ points in the last 3 days. Now Nifty has immediate supports near 8380 - 8360 and breaking and sustaining below it we can test upto 8260 levels on the downside . The current downmove appears to be saturating now and will continue only if Nifty gives a consecutive close below 8360 . If Nifty holds 8380 - 8360 levels on closing then we have some resistance at 8500 - 8525 levels initially and the next immediate resistance at 8561 - 8586 where the downtrend continuation was confirmed for this month . We have the US presidential election results on 9th November which can be the trigger for the next move ahead.
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 8474 to confirm uptrend and then one can expect a move till 8516 initially and breaking and sustaining above 8526 will give further confirmation for the next move which can take us up till 8602. Similarly Nifty spot needs to break and sustain below 8394 to confirm downtrend and then one can expect a move till 8352 initially and breaking and sustaining below 8341 will give further confirmation for the next move which can take us down till 8265 .
Nifty Spot Levels for the week are
Long above 8458 , Tgt 8474 - 8486 - 8498
IF Nifty spot manages to get a close / sustain above 8516 then ,
long again for 8526 - 8562 - 8602
Short below 8409 , Tgt 8394 - 8382 - 8369
IF Nifty spot manages to get a close / sustain below 8352 then,
short again for 8341 - 8305 - 8265
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.