This week Nifty spot went down by 22 points and then went up by 121 points before finally ending the week with a gain of 106 points compared to last weekly closing.
As per levels given for the previous week Nifty Spot needed to break and sustain above 10350 to confirm uptrend and Nifty spot needed to break and sustain below 10215 to confirm downtrend for the week. Nifty made a high of 10404.50 and a low of 10261.50 for the week.
Nifty triggered our weekly long trade and completed 3 targets giving 65 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 10350 to test 10420 - 10440 initially and above it we can see a test of 10500 - 10565 . Breaking and sustaining below 10215 we can see a test of 10145 - 10130 initially and below it we can see a test of 10070 - 10000 . Those who have taken long position in the previous week correction near 10100 should keep a cbsl of 10215 . Fresh long positions can be taken on sustaining / closing above 10350 in the coming week and can be held on sustaining / closing above 10440 . " , and we saw Nifty hold our trailing cbsl for longs taken near 10100 and make a high of 10404.50 .
Now in the coming week Nifty needs to break and sustain above 10440 to test 10490 - 10505 initially and above it we can see a test of 10545 - 10595 . Breaking and sustaining below 10340 we can see a test of 10290 - 10275 initially and below it we can see a test of 10230 - 10185. Those who have have entered fresh longs last week and those are holding longs taken in the correction near 10100 should move up their trailing cbsl to 10340 now . Fresh long positions can be taken on sustaining / closing above 10440 in the coming week and can be held on sustaining / closing above 10505 .
Nifty Spot Levels for the week are
Long above 10420 , Tgt 10440 - 10455 - 10470
IF Nifty spot manages to get a close / sustain above 10490 then ,
long again for 10505 - 10545 - 10595
Short below 10360 , Tgt 10340 - 10325 - 10310
IF Nifty spot manages to get a close / sustain below 10290 then,
short again for 10275 - 10230 - 10185
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.