This week Nifty spot went down 277 points over last weeks close before finally ending the week with a loss of 176 points compared to last weekly closing.
As per levels given for the previous week Nifty Spot needed to break and sustain above 10030 to confirm uptrend and Nifty spot needed to break and sustain below 9900 to confirm downtrend for the week. Nifty made a high of 9960.50 and a low of 9687.55 for the week.
Nifty triggered our weekly short trade and completed all short targets giving 235 points . In the previous week had mentioned that " Now in the coming sessions 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 " , and we saw Nifty make a low of 9687.55 just below our last target of 9690 on sustaining below 9900 .
Now in the coming week Nifty needs to break and sustain above 9855 to test 9925 - 9940 initially and above it we can see a test of 10000 - 10065 . Breaking and sustaining below 9720 we can see a test of 9655 - 9635 initially and below it we can see a test of 9575 - 9510. Those who had taken short positions near 10170 when shorts were mentioned have got nearly 480 points till 9690 and should have booked their positions . Those who have taken long positions should now keep a cbsl of 9720 and can hold their positions on a close above 9855 . For a stronger upmove we need a close above 9925 this month. Fresh shorts positions can be taken on sustaining / closing below 9720 in the coming week. For a stronger downmove we need a close below 9650 this month.
Nifty Spot Levels for the week are
Long above 9830 , Tgt 9855 - 9875 - 9895
IF Nifty spot manages to get a close / sustain above 9925 then ,
long again for 9940 - 10000 - 10065
Short below 9745 , Tgt 9720 - 9700 - 9680
IF Nifty spot manages to get a close / sustain below 9655 then,
short again for 9635 - 9575 - 9510
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.