This week Nifty spot went down by 89 points and then went up by 149 points before finally ending the week with a gain of 144 points compared to last weekly closing.
As per levels given for the previous week Nifty Spot needed to break and sustain above 10180 to confirm uptrend and Nifty spot needed to break and sustain below 10065 to confirm downtrend for the week. Nifty made a high of 10270.85 and a low of 10033.35 for the week.
Nifty initially triggered our weekly short trade and completed our initial 3 weekly short targets giving 50 points and then took our TSL . For further correction we needed it to close / sustain below 10005 which did not happen . It then reversed and triggered our weekly long trade and completed 4 targets giving 100 points from the weekly long trade. In the previous week had mentioned that " 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 . " , and we saw Nifty take our trailing cbsl for shorts at 10105 entered below 10340 levels giving nearly 200+ points and then confirm our long trade and give another 100 points as per the weekly long levels and also close above 10255 .
Now in the coming week Nifty needs to break and sustain above 10340 to test 10435 - 10455 initially and above it we can see a test of 10530 - 10610 . Breaking and sustaining below 10185 we can see a test of 10095 - 10075 initially and below it we can see a test of 10000 - 9920. Those who are holding longs entered above 10180 in the previous week should now keep a trailing cbsl of 10185 and can further move their trailing cbsl to 10290 once Nifty breaks and sustains / closes above 10340 . Fresh long positions can be taken on sustaining / closing above 10340 in the coming week and can be held on sustaining / closing above 10455 . 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 in the coming week .
Nifty Spot Levels for the week are
Long above 10315 , Tgt 10340 - 10375 - 10400
IF Nifty spot manages to get a close / sustain above 10435 then ,
long again for 10455 - 10530 - 10610
Short below 10215 , Tgt 10185 - 10160 - 10135
IF Nifty spot manages to get a close / sustain below 10095 then,
short again for 10075 - 10000 - 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 and keep trailing your stoploss .
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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.