This week Nifty spot went down 83.35 points over last weeks close and went up 83.70 point and finally ended the week with a gain of 65.75 points compared to last weekly closing.
As per levels given for the previous week Nifty Spot needed to break and sustain above 9174 to confirm uptrend and Nifty spot needed to break and sustain below 9042 to confirm downtrend for the week. Nifty made a high of 9191.70 and a low of 9024.65 for the week.
This week Nifty triggered our short trade on Monday but could not sustain or close below it . Nifty then moved up powered by Bank Nifty to trigger our long trade on Thursday and Friday giving a borderline close exactly at our long confirmation levels on both days . Had mentioned in the previous weekly post that ' Now Nifty needs to sustain above 9174 this week for the up move to continue till 9387 with resistance near 9244 - 9261 levels . Breaking and sustaining below 9042 we can see a down move till 8829 with support near 8973 - 8955 levels.'
For positions entered with a cbsl of 7895 in Nifty from November end we had a trailing cbsl of 9071 which was taken in March . We had seen Nifty make a low of 7893.80 in the last week of December and reverse by around 1300+ points in March before the trailing cbsl was taken giving over 1000+ points.
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 9224 to confirm uptrend and then one can expect a move till 9276 initially and breaking and sustaining above 9290 will give further confirmation for the next move which can take us up till 9385. Similarly Nifty spot needs to break and sustain below 9124 to confirm downtrend and then one can expect a move till 9071 initially and breaking and sustaining below 9058 will give further confirmation for the next move which can take us down till 8963 .
Nifty Spot Levels for the week are
Long above 9205 , Tgt 9224 - 9239 - 9254
IF Nifty spot manages to get a close / sustain above 9276 then ,
long again for 9290 - 9335 - 9385
Short below 9143 , Tgt 9124 - 9109 - 9093
IF Nifty spot manages to get a close / sustain below 9071 then,
short again for 9058 - 9012 - 8963
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.