This week Nifty spot went down 432 points and then went up 165 points over last weeks close and finally ended the week with a loss of 138 points compared to last weekly closing .
As per levels given for the previous week Nifty Spot needed to break and sustain above 8458 to confirm uptrend and Nifty spot needed to break and sustain below 8409 to confirm downtrend for the week. Nifty made a high of 8598.45 and a low of 8002.25 for the week.
This week Nifty triggered our short trade and achieved all targets and triggered our long trades and achieved all targets but since all the moves were in gap ups / downs , no one could enter a trade. Had mentioned in the weekly post 8 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 8002 in November . Had mentioned last week ' The current downmove appears to be saturating now and will continue only if Nifty gives a consecutive close below 8360 ' , Nifty has closed below it on Friday which was also our weekly close and it also is the first close below 8300 since 30th June and one can expect a retest of the lows made this month if we get a consecutive close on Monday. Also as mentioned last week too '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' , and we saw a high of 8598.45 but could not get a close above 8561 - 8586 levels and saw selling / profit booking take it down again . Those who are holding positional longs from near 8000 - 8050 levels entered last week or those who are looking to enter on a correction this week should keep a strict CBSL of 7895 for their positions.
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 8392 to confirm uptrend and then one can expect a move till 8494 initially and breaking and sustaining above 8519 will give further confirmation for the next move which can take us up till 8702. Similarly Nifty spot needs to break and sustain below 8200 to confirm downtrend and then one can expect a move till 8099 initially and breaking and sustaining below 8073 will give further confirmation for the next move which can take us down till 7890 .
Nifty Spot Levels for the week are
Long above 8356 , Tgt 8392 - 8422 - 8451
IF Nifty spot manages to get a close / sustain above 8494 then ,
long again for 8519 - 8606 - 8702
Short below 8237 , Tgt 8200 - 8171 - 8141
IF Nifty spot manages to get a close / sustain below 8099 then,
short again for 8073 - 7986 - 7890
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.