This week Nifty spot went up by 20 points and then went down by 281 points before finally ending the week with a loss of 268 points compared to last weekly closing.
As per levels given for the previous week Nifty Spot needed to break and sustain above 10440 to confirm uptrend and Nifty spot needed to break and sustain below 10340 to confirm downtrend for the week. Nifty made a high of 10409.55 and a low of 10108.55 for the week.
Nifty triggered our weekly short trade and completed all targets giving 225 points from the weekly short trade as per levels and further corrected by an additional nearly 80 points . In the previous week had mentioned that " 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 entered fresh longs last week and those who 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 . " , and we saw Nifty take our trailing cbsl for longs entered near 10100 levels giving nearly 200 points and then confirm our short trade and complete all our weekly short targets and give another 225 points as per the weekly levels and also better it further by another nearly 80 points .
Now in the coming week Nifty needs to break and sustain above 10180 to test 10240 - 10255 initially and above it we can see a test of 10305 - 10365 . Breaking and sustaining below 10065 we can see a test of 10005 - 9990 initially and below it we can see a test of 9940 - 9880. Those who are holding shorts entered below 10340 in the previous week should now keep a trailing cbsl of 10180 and can further move their trailing cbsl to 10105 once Nifty breaks and sustains / closes below 10065 . Fresh long positions can be taken on sustaining / closing above 10180 in the coming week and can be held on sustaining / closing above 10255 . For a bigger upmove in December we need a consecutive close above 10330 which should also be the stoploss for those looking to enter fresh shorts on any big bounce .
Nifty Spot Levels for the week are
Long above 10160 , Tgt 10180 - 10195 - 10215
IF Nifty spot manages to get a close / sustain above 10240 then ,
long again for 10255 - 10305 - 10365
Short below 10085 , Tgt 10065 - 10050 - 10030
IF Nifty spot manages to get a close / sustain below 10005 then,
short again for 9990 - 9940 - 9880
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.