This week Nifty spot went down 197 points over last weeks close and finally ended the week with a loss of 154 points compared to last weekly closing .
As per levels given for the previous week Nifty Spot needed to break and sustain above 8205 to confirm uptrend and Nifty spot needed to break and sustain below 8075 to confirm downtrend for the week. Nifty made a high of 8132.50 and a low of 7942.05 for the week.
This week Nifty triggered our short trade and achieved nearly 5 targets giving around 150 points from the short 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 . Have been mentioning since November in the weekly posts 'Those who are holding positional longs or those who are looking to enter on dips should keep a strict CBSL of 7895 for their positions.' . We are once again close to this level and sustaining / closing below it should be watched by those who are entering longs here . Had been mentioning since the beginning of December 'Till Nifty does not give a consecutive close above 8398 this month we can expect the upmoves to get sold into. ' and now we are at the end of the month and it has held well so far . Nifty needs to sustains above 8020 next week for a upmove to begin . We are entering the expiry week for December series in F&O and as per the levels
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 8020 to confirm uptrend and then one can expect a move till 8055 initially and breaking and sustaining above 8064 will give further confirmation for the next move which can take us up till 8130. Similarly Nifty spot needs to break and sustain below 7952 to confirm downtrend and then one can expect a move till 7916 initially and breaking and sustaining below 7907 will give further confirmation for the next move which can take us down till 7843 .
Nifty Spot Levels for the week are
Long above 8007 , Tgt 8020 - 8030 - 8040
IF Nifty spot manages to get a close / sustain above 8055 then ,
long again for 8064 - 8095 - 8130
Short below 7965 , Tgt 7952 - 7942 - 7931
IF Nifty spot manages to get a close / sustain below 7916 then,
short again for 7907 - 7877 - 7843
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.