This week Nifty spot went down by 126 points and then went up by 35 points before finally ending the week with a gain of 28 points compared to last weekly closing. Nifty made a new life time high of 10566.10 .
As per levels given for the previous week Nifty Spot needed to break and sustain above 10570 to confirm uptrend and Nifty spot needed to break and sustain below 10490 to confirm downtrend for the week. Nifty made a high of 10566.10 and a low of 10404.65 for the week.
In the previous week had mentioned that " Now in the coming week Nifty needs to break and sustain above 10570 to test 10615 - 10625 initially and above it we can see a test of 10660 - 10695 . Breaking and sustaining below 10490 we can see a test of 10450 - 10440 initially and below it we can see a test of 10405 - 10365 . Those who are holding longs entered above 10340 since 2 weeks should now their trailing cbsl to 10490 from 10410 given last week and can further move their trailing cbsl to 10545 once Nifty breaks and sustains / closes above 10570 . Fresh long positions can be taken on sustaining / closing above 10570 in the coming week and can be held on a consecutive close above 10615 . Those who are looking to go short on a rise till 10570 should keep a strict cbsl of 10615 and can hold on sustaining / closing below 10490 for the week ." and Nifty made a low of 10404.65 initially after confirming our weekly shorts and completed 5 weekly short targets before taking our TSL .
Now in the coming week Nifty needs to break and sustain above 10615 to test 10660 - 10675 initially and above it we can see a test of 10720 - 10770 . Breaking and sustaining below 10510 we can see a test of 10455 - 10445 initially and below it we can see a test of 10400 - 10350. Fresh long positions can be taken on sustaining / closing above 10615 in the coming week and can be held on a close above 10675 . Nifty can face resistance near 10660 - 10675 zone if sustains above 10615 in the coming week and those who are looking to enter fresh shorts should keep a strict cbsl of 10680 .
In the month of January fresh longs can be considered on getting a consecutive close above 10615 and fresh shorts can be considered on getting a consecutive close below 10450 . Nifty confirmed our monthly shorts last week and reversed strongly towards the end of week .
Nifty Spot Levels for the week are
Long above 10590 , Tgt 10615 - 10625 - 10640
IF Nifty spot manages to get a close / sustain above 10660 then ,
long again for 10675 - 10720 - 10770
Short below 10530 , Tgt 10510 - 10495 - 10480
IF Nifty spot manages to get a close / sustain below 10455 then,
short again for 10445 - 10400 - 10350
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 .
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.