This week Nifty spot went up 67 points over last weeks close and went down by 76 points and finally ended the week with a loss of 31 points compared to last weekly closing.
As per levels given for the previous week Nifty Spot needed to break and sustain above 9193 to confirm uptrend and Nifty spot needed to break and sustain below 9108 to confirm downtrend for the week. Nifty made a high of 9217.90 and a low of 9075.15 for the week.
This week Nifty triggered our long trade and completed nearly 3 targets before taking our TSL at 30 points . It then corrected further and triggered our short trade and completed our initial 3 targets on the short side too giving another 40 points in the short trade . Further long confirmation was at 9250 and short confirmation at 9052 . Our monthly short confirmation is also at 9071 which was respected and there was a third trade available with small SL of 5 points from the low of the week at 9075.15 which gave us 100 points . Nifty has failed to close above our monthly long confirmation levels of 9277 after coming close to it by making a high of 9273.90 in the previous week and this week came close to our monthly short confirmation level of 9071 by making a low of 9075.15. The entire month now Nifty has traded within the range of 9071 - 9277 after giving good moves in the previous months . We are entering the expiry week for this month and we can expect this range to be broken . Those who are looking to go long on any further correction should keep a cbsl of 9071 for their positions . Those who are looking to go short on any further upmove should keep a cbsl of 9277 for their positions . One can trade the range till its gets broken for going positional.
For the month of April we can expect uptrend in Nifty Spot on a consecutive close above 9277 and downtrend in Nifty spot on a consecutive close below 9071 . Had mentioned last month 'For the month of March we can expect uptrend in Nifty spot on a consecutive close above 8966 and downtrend in Nifty spot on a consecutive close below 8793' and we got a move of nearly 250 points once it closed above 8966 in February.
In the coming week Nifty spot needs to break and sustain above 9152 to confirm uptrend and then one can expect a move till 9186 initially and breaking and sustaining above 9194 will give further confirmation for the next move which can take us up till 9256. Similarly Nifty spot needs to break and sustain below 9087 to confirm downtrend and then one can expect a move till 9053 initially and breaking and sustaining below 9045 will give further confirmation for the next move which can take us down till 8983 .
Nifty Spot Levels for the week are
Long above 9139 , Tgt 9152 - 9162 - 9172
IF Nifty spot manages to get a close / sustain above 9186 then ,
long again for 9194 - 9224 - 9256
Short below 9100 , Tgt 9087 - 9077 - 9067
IF Nifty spot manages to get a close / sustain below 9053 then,
short again for 9045 - 9015 - 8983
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.