This week Nifty spot went up 40 points over last weeks close and went down by 126 points and finally ended the week with a loss of 54 points compared to last weekly closing.
As per levels given for the previous week Nifty Spot needed to break and sustain above 9609 to confirm uptrend and Nifty spot needed to break and sustain below 9541 to confirm downtrend for the week. Nifty made a high of 9615.40 and a low of 9448.70 for the week .
This week Nifty initially triggered our long trade but failed to sustain above it and immediately reversed to take our TSL at cost . It then triggered our short trade and completed 5 targets giving nearly 90+ points from the short trade . Nifty failed to break and sustain above 9743 in the June series which was our stoploss to go short for the month . In the previous week had mentioned that " As have mentioned in the previous daily post Nifty has a good support near 9560 and holding the same we can expect a retest of 9650 - 9670 zone again initially .Breaking and sustaining below 9560 can see a test of 9500 - 9480 zone " , and we saw Nifty testing 9450 after sustaining below 9560 last week . Now holding 9440 we can expect Nifty retesting 9560 levels initially and sustaining above 9560 we can expect a test of 9600 next .Similarly breaking and sustaining below 9480 we can expect at test of 9440 levels initially . We can expect a bigger move once Nifty breaks and sustains / closes beyond the range of 9440 - 9600 spot .
In the coming week Nifty spot needs to break and sustain above 9559 to confirm uptrend and then one can expect a move till 9598 initially and breaking and sustaining above 9608 will give further confirmation for the next move which can take us up till 9680 . Similarly Nifty spot needs to break and sustain below 9483 to confirm downtrend and then one can expect a move till 9443 initially and breaking and sustaining below 9433 will give further confirmation for the next move which can take us down till 9361 .
Nifty Spot Levels for the week are
Long above 9544 , Tgt 9559 - 9570 - 9582
IF Nifty spot manages to get a close / sustain above 9598 then ,
long again for 9608 - 9643 - 9680
Short below 9498 , Tgt 9483 - 9472 - 9460
IF Nifty spot manages to get a close / sustain below 9443 then,
short again for 9433 - 9399 - 9361
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.