This week Nifty spot went up by 139 points before finally ending the week with a gain of 129 points compared to last weekly closing.
As per levels given for the previous week Nifty Spot needed to break and sustain above 10370 to confirm uptrend and Nifty spot needed to break and sustain below 10275 to confirm downtrend for the week. Nifty made a high of 10461.70 and a low of 10323.95 for the week.
Nifty triggered our weekly long trade and completed nearly 5 long targets giving nearly 110 points from our weekly long trade . In the previous week had mentioned that " Now in the coming week Nifty needs to break and sustain above 10370 to test 10420 - 10430 initially and above it we can see a test of 10470 - 10515 . Breaking and sustaining below 10275 we can see a test of 10230 - 10215 initially and below it we can see a test of 10175 - 10130 . Those who are holding long positions should now keep a cbsl of 10275 . Fresh shorts positions can be taken on sustaining / closing below 10275 in the coming week . For a bigger move we need a close below 10215 now . " , and we saw Nifty make a high of 10461.70 holding on to the cbsl of 10275 .
Now in the coming week Nifty needs to break and sustain above 10500 to test 10545 - 10560 initially and above it we can see a test of 10600 - 10645 . Breaking and sustaining below 10405 we can see a test of 10360 - 10345 initially and below it we can see a test of 10305 - 10260. Those who are holding long positions should now keep a trailing cbsl of 10405. Fresh shorts positions can be taken on sustaining / closing below 10405 in the coming week. For a bigger move on the downside we need a close below 10240 now . Those who are looking to go long on dips can keep 10240 as their cbsl.
Nifty Spot Levels for the week are
Long above 10480 , Tgt 10500 - 10515 - 10525
IF Nifty spot manages to get a close / sustain above 10545 then ,
long again for 10560 - 10600 - 10645
Short below 10425 , Tgt 10405 - 10395 - 10380
IF Nifty spot manages to get a close / sustain below 10360 then,
short again for 10345 - 10305 - 10260
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.