This week Nifty spot went up 94 points over last weeks close and then went down by 133 points before finally ending the week with a loss of 121 points compared to last weekly closing.
As per levels given for the previous week Nifty Spot needed to break and sustain above 10125 to confirm uptrend and Nifty spot needed to break and sustain below 10045 to confirm downtrend for the week. Nifty made a high of 10178.95 and a low of 9952.80 for the week. Nifty came close to breaking its all time high multiple times but failed to do so.
Nifty triggered our weekly long trade and completed 4 long targets giving 65 points . For further upmove Nifty needed to sustain / close above 10175 which did not happen inspite of it coming close to it on 3 consecutive days . Nifty then reversed to trigger our weekly short trade and completed 5 short targets giving around 90 points from the weekly short trade . In the previous week had mentioned that " Now in the coming sessions 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 long should now move up their cbsl to 10035 from 9870 mentioned last week ." , and we saw Nifty make a high of 10178.95 just above our initial resistance level of 10165 - 10175 , and then being unable to sustain above it reversed made a low of 9952 with our next support zone of 9960 - 9925 and also close well below 10000 .
Now in the coming week Nifty needs to break and sustain above 10030 to test 10100 - 10115 initially and above it we can see a test of 10175 - 10240 . Breaking and sustaining below 9900 we can see a test of 9830 - 9815 initially and below it we can see a test of 9755 - 9690. Those who took short positions near 10170 should keep a trailing stoploss of 10030 now .
Nifty Spot Levels for the week are
Long above 10005 , Tgt 10030 - 10050 - 10070
IF Nifty spot manages to get a close / sustain above 10100 then ,
long again for 10115 - 10175 - 10240
Short below 9925 , Tgt 9900 - 9880 - 9860
IF Nifty spot manages to get a close / sustain below 9830 then,
short again for 9815 - 9755 - 9690
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.