This week Nifty spot went down by 13 points and went up by 215 points before finally ending the week with a gain of 175 points compared to last weekly closing. Nifty made a new life time high of 11110.10 this week .
As per levels given for the previous week Nifty Spot needed to break and sustain above 10935 to confirm uptrend and Nifty spot needed to break and sustain below 10855 to confirm downtrend for the week. Nifty made a high of 11110.10 and a low of 10881.40 for the week.
In the previous week had mentioned that " Now in the coming week Nifty needs to break and sustain above 10935 to test 10975 - 10985 initially and above it we can see a test of 11020 - 11060 . Breaking and sustaining below 10855 we can see a test of 10815 - 10805 initially and below it we can see a test of 10770 - 10730 . Those who are holding longs entered on sustaining above 10615 and had trailed their cbsl to 10655 as mentioned in the previous weekly post , should now further move their trailing weekly cbsl to 10855 spot and look to book if Nifty dies not close above 10935 . Those who are looking to enter short positions next week near 10975 - 11000 should keep a strict cbsl of 11060 . " , and Nifty made a high of 11110.10 holding our trailing cbsl of 10855 . Those who were looking for fresh shorts their cbsl got hit .
Now in the coming week Nifty needs to break and sustain above 11120 to test 11175 - 11190 initially and above it we can see a test of 11235 - 11285 . Breaking and sustaining below 11015 we can see a test of 10965 - 10950 initially and below it we can see a test of 10905 - 10855. Those who are holding longs entered on sustaining above 10615 and had trailed their cbsl to 10855 as mentioned in the previous weekly post , should now again further move their trailing weekly cbsl to 11015 spot and look to book if Nifty does not close above 11195 . Nifty has resistance near 11175 - 11195 now in the coming week . Those who are looking to enter short positions in the coming week should keep a strict cbsl of 11195 spot .
In the month of January fresh longs were confirmed with a consecutive close above 10615 and our initial expected targets were completed at 10875 and we have been holding our long positions with weekly trailing stoploss and have been able to catch the entire move so far .
Nifty Spot Levels for the week are
Long above 11100 , Tgt 11120 - 11135 - 11155
IF Nifty spot manages to get a close / sustain above 11175 then ,
long again for 11190 - 11235 - 11285
Short below 11035 , Tgt 11015 - 11005 - 10985
IF Nifty spot manages to get a close / sustain below 10965 then,
short again for 10950 - 10905 - 10855
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.