Wishing everyone a very Happy , Healthy and Prosperous 2017
This week Nifty spot went down 92 points over last weeks close , then went up by 211 and finally ended the week with a gain of 200 points compared to last weekly closing.
As per levels given for the previous week Nifty Spot needed to break and sustain above 8020 to confirm uptrend and Nifty spot needed to break and sustain below 7952 to confirm downtrend for the week. Nifty made a high of 8197 and a low of 7893.80 for the week.
This week Nifty initially triggered our short trade and achieved 4 targets giving around 58 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 . For the month of December we saw a low of 7893.80 . 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.' . Last week Nifty made a low of 7893.80 and reversed . Nifty then triggered our long trade and achieved all our targets for the week giving 120 points from the long trade . Those who would have taken a long trade near 7900 with a cbsl of 7895 have got close to 250 points from the trade . Now Nifty needs to sustains above 8255 next week for the upmove to continue till 8330 .
For the month of January we can expect uptrend in Nifty spot on a consecutive close above 8329 and downtrend continuation would be on a consecutive close below 8043
In the coming week Nifty spot needs to break and sustain above 8255 to confirm uptrend and then one can expect a move till 8327 initially and breaking and sustaining above 8346 will give further confirmation for the next move which can take us up till 8477. Similarly Nifty spot needs to break and sustain below 8117 to confirm downtrend and then one can expect a move till 8044 initially and breaking and sustaining below 8026 will give further confirmation for the next move which can take us down till 7894 .
Nifty Spot Levels for the week are
Long above 8228 , Tgt 8255 - 8276 - 8297
IF Nifty spot manages to get a close / sustain above 8327 then ,
long again for 8346 - 8408 - 8477
Short below 8143 , Tgt 8117 - 8096 - 8074
IF Nifty spot manages to get a close / sustain below 8044 then,
short again for 8026 - 7963 - 7894
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.