This week Nifty spot went down 248 points over last weeks close and finally ended the week with a loss of 222 points compared to last weekly closing .
As per levels given for the previous week Nifty Spot needed to break and sustain above 8392 to confirm uptrend and Nifty spot needed to break and sustain below 8200 to confirm downtrend for the week. Nifty made a high of 8588.55 and a low of 8048.30 for the week.
This week Nifty triggered our short trade and achieved 4 targets giving around 180 points from the short trade . Nifty closed just 1 point above the confirmation level for staying short for the week. Had mentioned in the weekly post 9 weeks ago that '8900 is our trend continuation level for September' and we saw Nifty close below 8900 indicating weakness in the current uptrend.' 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 when Nifty closed below 8362 ' 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' and we have seen Nifty correct by another nearly 250 points this week . Now Nifty has resistance near 8215 before 8362 and above it at 8561 and next near 8755. Those who are holding positional longs from near 8000 - 8050 levels entered near the lows of this month or those who are looking to enter now should keep a strict CBSL of 7895 for their positions. We are entering the expiry week for November series in F&O and we can expect a some swings this week
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 8178 to confirm uptrend and then one can expect a move till 8288 initially and breaking and sustaining above 8315 will give further confirmation for the next move which can take us up till 8514. Similarly Nifty spot needs to break and sustain below 7970 to confirm downtrend and then one can expect a move till 7861 initially and breaking and sustaining below 7833 will give further confirmation for the next move which can take us down till 7635 .
Nifty Spot Levels for the week are
Long above 8138 , Tgt 8188 - 8210 - 8242
IF Nifty spot manages to get a close / sustain above 8288 then ,
long again for 8315 - 8410 - 8514
Short below 8010 , Tgt 7970 - 7938 - 7906
IF Nifty spot manages to get a close / sustain below 7861 then,
short again for 7833 - 7738 - 7635
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.