This week Nifty spot went up nearly 200 points over last weeks close and finally ended the week with a gain of 99 points compared to last weekly closing.
As per levels given for the previous week Nifty Spot needed to break and sustain above 9965 to confirm uptrend and Nifty spot needed to break and sustain below 9885 to confirm downtrend for the week. Nifty made a new life time high of 10114.85 and a low of 9919.60 for the week . Nifty also gave its first weekly close above 10000 .
This week Nifty finally broke out above the much awaited 10000 mark and has also given a weekly close above it . Nifty triggered our long trade and nearly completed all our weekly long targets giving 150+ points from the weekly long trade . In the previous week had mentioned that " Now in the coming sessions Nifty needs to break and sustain above 9965 to test 10015 - 10030 initially and above it we can see a test of 10075 - 10125 . Breaking and sustaining below 9865 we can see a test of 9815 - 9800 and below it we can see a test of 9755 - 9705 . " , and we saw Nifty make a high of 10114.85 within our range of 10075 - 10125 and reverse for around 150+ points before reclaiming 10000 at close .
Now in the coming sessions Nifty needs to break and sustain above 10065 to test 10115 - 10130 initially and above it we can see a test of 10170 - 10220. Breaking and sustaining below 9965 we can see a test of 9915 - 9900 initially and below it we can see a test of 9855 - 9810.
Nifty Spot Levels for the week are
Long above 10045 , Tgt 10065 - 10080 - 10095
IF Nifty spot manages to get a close / sustain above 10115 then ,
long again for 10130 - 10170 - 10220
Short below 9985 , Tgt 9965 - 9950 - 9935
IF Nifty spot manages to get a close / sustain below 9915 then,
short again for 9900 - 9855 - 9810
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.