This week Nifty spot went up 47 points over last weeks close and went down by 97 points before finally ending the week with a gain of 20 points compared to last weekly closing.
As per levels given for the previous week Nifty Spot needed to break and sustain above 9910 to confirm uptrend and Nifty spot needed to break and sustain below 9765 to confirm downtrend for the week. Nifty made a high of 9884.35 and a low of 9740.10 for the week.
Nifty made a high of 9884.35 just near our weekly long trigger of 9885 and reversed to trigger our weekly short trade on Monday but could not complete more than 1 target and took our TSL. Post that Nifty traded within our long and short trigger range the entire week . In the previous week had mentioned that " Now in the coming sessions Nifty needs to break and sustain above 9910 to test 9990 - 10010 initially and above it we can see a test of 10075 - 10150 . Breaking and sustaining below 9765 we can see a test of 9685 - 9665 initially and below it we can see a test of 9600 - 9530 . Those who are still long should move up their cbsl to 9765 from 9655 given in the previous week and those who have entered fresh shorts this week should keep a cbsl of 9915 now " , and we saw Nifty make a low of 9740.10 on breaking below 9765 and reverse immediately . The cbsl for longs was taken on Monday with a close of 9754.35 and cbsl for shorts is still active.
Now in the coming week Nifty needs to break and sustain above 9935 to test 10010 - 10030 initially and above it we can see a test of 10100 - 10175. Breaking and sustaining below 9780 we can see a test of 9705 - 9685 initially and below it we can see a test of 9615 - 9540. Those who are short should keep a strict cbsl of 9935 now . Those who are looking to enter fresh longs should wait for Nifty to sustain / close above 9935 or use a dip till 9800 to go long with a strict cbsl of 9765 again .
Nifty Spot Levels for the week are
Long above 9905 , Tgt 9935 - 9955 - 9980
IF Nifty spot manages to get a close / sustain above 10010 then ,
long again for 10030 - 10100 - 10175
Short below 9810 , Tgt 9780 - 9760 - 9735
IF Nifty spot manages to get a close / sustain below 9705 then,
short again for 9685 - 9615 - 9540
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.