This week Nifty spot went up by 131 points before finally ending the week with a gain of 122 points compared to last weekly closing. Nifty made a new life time high of 10690.40 .
As per levels given for the previous week Nifty Spot needed to break and sustain above 10615 to confirm uptrend and Nifty spot needed to break and sustain below 10510 to confirm downtrend for the week. Nifty made a high of 10690.40 and a low of 10588.55 for the week.
In the previous week had mentioned that " 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 ." , and Nifty has given a close above 10675 and we can see a test of 10720 - 10770 next .
Now in the coming week Nifty needs to break and sustain above 10705 to test 10735 - 10740 initially and above it we can see a test of 10765 - 10790 . Breaking and sustaining below 10655 we can see a test of 10625 - 10620 initially and below it we can see a test of 10600 - 10575. Those who are holding longs on sustaining above 10615 should now keep a weekly trailing cbsl of 10655.
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 longs last week and it has to now close above the resistance zone of 10700 - 10720 for a test of 10795 - 10875 .
Nifty Spot Levels for the week are
Long above 10695 , Tgt 10705 - 10715 - 10725
IF Nifty spot manages to get a close / sustain above 10735 then ,
long again for 10740 - 10765 - 10790
Short below 10665 , Tgt 10655 - 10645 - 10640
IF Nifty spot manages to get a close / sustain below 10630 then,
short again for 10620 - 10600 - 10570
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.