This week Nifty spot went up 200.75 points over last weeks close before finally ending the week with a gain of 191.10 points compared to last weekly closing.
As per levels given for the previous week Nifty Spot needed to break and sustain above 9855 to confirm uptrend and Nifty spot needed to break and sustain below 9720 to confirm downtrend for the week. Nifty made a high of 9989.35 and a low of 9831.05 for the week.
Nifty triggered our weekly long trade and completed 4 targets giving 110+ points . In the previous week had mentioned that " 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 positons on a close above 9855 . For a stronger upmove we need a close above 9925 this month . Fresh short 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 " , and we saw Nifty make a high of 9989.35 holding on to the cbsl of 9720 .
Now in the coming week Nifty needs to break and sustain above 10055 to test 10130 - 10150 initially and above it we can see a test of 10215 - 10285 . Breaking and sustaining below 9905 we can see a test of 9830 - 9810 initially and below it we can see a test of 9745 - 9670. Those who had taken long positions near 9740 when longs were mentioned have got nearly 250 points till 9989 .Those who are holding long positions should now move their cbsl from 9720 to 9905 and can hold their positions on a close above 10055 . Fresh shorts positions can be taken on sustaining / closing below 9905 in the coming week. For a stronger downmove we need a close below 9650 this month. Bank Nifty is still lagging behind and is yet to confirm longs and it would be difficult for Nifty to continue going up in the coming week without participation from Bank Nifty.
Nifty Spot Levels for the week are
Long above 10025 , Tgt 10055 - 10075 - 10095
IF Nifty spot manages to get a close / sustain above 10130 then ,
long again for 10150 - 10215 - 10285
Short below 9935 , Tgt 9905 - 9885 - 9860
IF Nifty spot manages to get a close / sustain below 9830 then,
short again for 9810 - 9745 - 9670
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 .
If you want to see the post in your Inbox , kindly register by adding your email id in the 'Subscribe to my posts' section on the top right side of the blog.
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.Wee