This week Nifty spot went up 197 points over last weeks close and did not break below the previous weekly close before finally ending the week with a gain of 151 points compared to last weekly closing.
As per levels given for the previous week Nifty Spot needed to break and sustain above 9995 to confirm uptrend and Nifty spot needed to break and sustain below 9875 to confirm downtrend for the week. Nifty made a high of 10131.95 and a low of 9968.80 for the week. Nifty came close to breaking its all time high multiple times but failed to do so.
Nifty triggered our weekly longade and completed nearly 5 long targets giving 125 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 9995 to test 10060 - 10075 initially and above it we can see a test of 10135 - 10195 . Breaking and sustaining below 9875 we can see a test of 9810 - 9795 initially and below it we can see a test of 9735 - 9675 . Those who are long should keep a cbsl of 9870 for their positions . " , and we saw Nifty make a high of 10131.95 just below our next resistance level of 10135 and also just below the all time high .
Now in the coming week Nifty needs to break and sustain above 10125 to test 10165 - 10175 initially and above it we can see a test of 10210 - 10250 . Breaking and sustaining below 10045 we can see a test of 10005 - 9995 initially and below it we can see a test of 9960 - 9925. Those who are holding positional shorts should keep a strict cbsl of 10070 now . Those who are long should now move up their cbsl to 10035 from 9870 mentioned last week .
Nifty Spot Levels for the week are
Long above 10110 , Tgt 10125 - 10135 - 10150
IF Nifty spot manages to get a close / sustain above 10165 then ,
long again for 10175 - 10210 - 10250
Short below 10060 , Tgt 10045 - 10035 - 10025
IF Nifty spot manages to get a close / sustain below 10005 then,
short again for 9995 - 9960 - 9925
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.