This week Nifty spot went up 84.40 points over last weeks close then went down by 44.10 points before finally ending the week with a loss of 20.90 points compared to last weekly closing.
As per levels given for the previous week Nifty Spot needed to break and sustain above 10220 to confirm uptrend and Nifty spot needed to break and sustain below 10115 to confirm downtrend for the week. Nifty made a high of 10251.85 and a low of 10123.35 for the week.
Nifty triggered our weekly long trade and completed our initial 3 targets giving 45 points . For further upmove Nifty needed to break and sustain above 10270 which did not happen . In the previous week had mentioned that " Now in the coming week Nifty needs to break and sustain above 10220 to test 10270 - 10280 initially and above it we can see a test of 10325 - 10375 . Breaking and sustaining below 10115 we can see a test of 10065 - 10055 initially and below it we can see a test of 10010 - 9960 . Those who are holding long positions should now move their cbsl further up from 9905 to 10115 and can hold their positions on a closing above 10220 . Fresh short positions can be taken on sustaining / closing below 10115 in the coming week . For a stronger downmove we need a close below 9650 this month " , and we saw Nifty make a high of 10123.35 holding on to the trailing cbsl of 10115 . Bank Nifty is not participating and it would be difficult for Nifty to hold these levels unless Bank Nifty too moves up .
Now in the coming week Nifty needs to break and sustain above 10200 to test 10255 - 10270 initially and above it we can see a test of 10320 - 10375 . Breaking and sustaining below 10090 we can see a test of 10035 - 10020 initially and below it we can see a test of 9975 - 9920. Those who are holding long positions should now keep a cbsl of 10090 and can hold their positions on a close above 10200 . Fresh shorts positions can be taken on sustaining / closing below 10090 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 10180 , Tgt 10200 - 10215 - 10235
IF Nifty spot manages to get a close / sustain above 10255 then ,
long again for 10270 - 10320 - 10375
Short below 10115 , Tgt 10090 - 10075 - 10060
IF Nifty spot manages to get a close / sustain below 10035 then,
short again for 10020 - 9975 - 9920
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.