This week Nifty spot went up 188 points over last weeks close and went down 30 points and finally ended the week with a gain of 175 points compared to last weekly closing .
As per levels given for the previous week Nifty Spot needed to break and sustain above 8162 to confirm uptrend and Nifty spot needed to break and sustain below 8040 to confirm downtrend for the week. Nifty made a high of 8274.95 and a low of 8056.85 for the week.
This week Nifty triggered our long trade and achieved 4 targets giving around 130+ points from the long trade . Nifty had corrected all the way till 8506.15 in the month of October and had corrected further till 7916.40 in November after caution was advised for longs in September once 8900 was breached on closing . Had mentioned in the previous weekly posts '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.' and we saw Nifty come quite close to it giving a good fresh entry for longs with a small cbsl of 25 points when it made a low of 7916.40 . Those who would have taken long positions on this view have got around 300 points till close last week. Had mentioned in the previous weekly post 'Now Nifty has resistance near 8242 - 8262 and closing above 8262 will give further confirmation for move till 8400 . Nifty was given a borderline close at 8261.75 and it now needs to sustain above it next week . Till Nifty does not give a consecutive close above 8398 this month we can expect the upmoves to get sold into. If Nifty sustains above 8262 next week then we can expect the next initial resistance near 8305 - 8335 zone and above that near 8375 - 8405 .
For the month of December we can expect uptrend in Nifty spot on a consecutive close above 8398 and downtrend continuation would be on a consecutive close below 8051
In the coming week Nifty spot needs to break and sustain above 8335 to confirm uptrend and then one can expect a move till 8405 initially and breaking and sustaining above 8425 will give further confirmation for the next move which can take us up till 8560. Similarly Nifty spot needs to break and sustain below 8190 to confirm downtrend and then one can expect a move till 8115 initially and breaking and sustaining below 8099 will give further confirmation for the next move which can take us down till 7965 .
Nifty Spot Levels for the week are
Long above 8305 , Tgt 8335 - 8354 - 8375
IF Nifty spot manages to get a close / sustain above 8405 then ,
long again for 8425 - 8490 - 8560
Short below 8219 , Tgt 8190 - 8170 - 8150
IF Nifty spot manages to get a close / sustain below 8115 then,
short again for 8099 - 8035 - 7965
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 .
If you want to see the post in your Inbox , kindly register by adding your email id in the 'Subscribe to my posts' section on the top right side of the blog.
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