This week Nifty spot went down 86 points and then went up 177 points over last weeks close and finally ended the week with a gain of 27 points compared to last weekly closing.
Nifty this week broke above 9600 for the first time and made a new life time high at 9604.90 and closed just below it at 9595.10
As per levels given for the previous week Nifty Spot needed to break and sustain above 9479 to confirm uptrend and Nifty spot needed to break and sustain below 9376 to confirm downtrend for the week. Nifty made a high of 9604.90 and a low of 9341.65 for the week.
This was a week of zig - zag moves with Nifty triggering our weekly longs on Monday and immediately reversing to go down and trigger our weekly short levels . Had mentioned in the previous week that those who are looking to go short on upmoves should keep a cbsl of 9535 and it worked out well and Nifty had reversed from 9532.40 in the previous week and again at the start of this week from 9498.65 and went down till 9341.65 . Had mentioned in the previous weekly post that those who intend to go long on this correction should keep a cbsl of 9375 which was then updated to a cbsl of 9335 in the daily post for Monday itself . So we got a good entry for longs on Wednesday with a small cbsl of 10 points again . Both the swing trades together gave us around 400+ points with a small stoploss of 10 points each.
In the coming week Nifty spot needs to break and sustain above 9667 to confirm uptrend and then one can expect a move till 9743 initially and breaking and sustaining above 9763 will give further confirmation for the next move which can take us up till 9900. Similarly Nifty spot needs to break and sustain below 9523 to confirm downtrend and then one can expect a move till 9447 initially and breaking and sustaining below 9428 will give further confirmation for the next move which can take us down till 9290 . Nifty has immediate resistance near 9650 - 9670 zone and above that good resistance near 9750 - 9770 zone . Nifty has immediate support near 9550 - 9520 and below that near 9480 - 9460 zone.
Nifty Spot Levels for the week are
Long above 9640 , Tgt 9667 - 9689 - 9712
IF Nifty spot manages to get a close / sustain above 9743 then ,
long again for 9763 - 9828 - 9900
Short below 9550 , Tgt 9523 - 9501 - 9479
IF Nifty spot manages to get a close / sustain below 9447 then,
short again for 9428 - 9362 - 9290
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.