This week Nifty spot went down 19 points over last weeks close and went up by 248 points and finally ended the week with a gain of 220 points compared to last weekly closing.
As per levels given for the previous week Nifty Spot needed to break and sustain above 9710 to confirm uptrend and Nifty spot needed to break and sustain below 9625 to confirm downtrend for the week. Nifty made a new life time high of 9913.30 and a low of 9646.45 for the week .
This week Nifty triggered our long trade and completed all our weekly long targets giving around 150 points from the trade and further exceed our last weekly long target by another 70 points . In the previous week had mentioned that " Now in the coming sessions Nifty needs to break and sustain above 9710 to test 9750 - 9770 initially and above it we can see a test of 9830 - 9850 . Breaking and sustaining below 9625 can see a test of 9580 - 9570 and below it we can see a test of 9510 - 9490 . Those who are long should move up their cbsl to 9625 spot now " , and we saw Nifty even breaking above 9830 - 9850 and giving another 60 points till 9913.30 which a new life time high now .
Now in the coming sessions Nifty needs to break and sustain above 9925 to test 9965 - 9975 initially and above it we can see a test of 10010 - 10045. Breaking and sustaining below 9849 we can see a test of 9810 - 9800 initially and below it we can see a test of 9765 - 9730. Those who are holding long should move up their cbsl to 9850 spot now . Those who are looking to go short on the up move this week should keep a strict cbsl of 10010 spot .
Nifty Spot Levels for the week are
Long above 9910 , Tgt 9925 - 9935 - 9945
IF Nifty spot manages to get a close / sustain above 9965 then ,
long again for 9975 - 10010 - 10045
Short below 9865 , Tgt 9849 - 9838 - 9825
IF Nifty spot manages to get a close / sustain below 9810 then,
short again for 9800 - 9765 - 9730
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.