This week Nifty spot went down by 2 points and went up by 237 points before finally ending the week with a gain of 218 points compared to last weekly closing. Nifty had made a new life time high of 11171.55 in January and had corrected by 1200 points after that till 9951.90 .
As per levels given for the previous week Nifty Spot needed to break and sustain above 10210 to trigger a upmove and Nifty spot needed to break and sustain below 10015 to trigger downmove for the week. Nifty made a high of 10350.45 and a low of 10111.30 for the week.
In the previous week had mentioned that " Now in the coming week Nifty needs to break and sustain above 10210 to test 10310 - 10335 initially and above it we can see a test of 10425 - 10520 . Breaking and sustaining below 10015 we can see a test of 9915 - 9890 initially and below it we can see a test of 9805 - 9710 . Those who entered long positions last week above 10050 should keep a cbsl of 10015 this week and can hold only on sustaining / closing above 10210 with a trailing cbsl of 10140 . Fresh shorts may be entered this week on sustaining / closing below 10015 with a cbsl of 10085 . Nifty has good support near 9850 - 9830 now and can take some support there in the coming week . " and Nifty made a high of 10350.45 this week completing our initial weekly long targets . Nifty has so far given us 300 points in our long trade from 10050 .
Now in the coming week Nifty needs to break and sustain above 10445 to test 10560 - 10590 initially and above it we can see a test of 10690 - 10800 . Breaking and sustaining below 10220 we can see a test of 10105 - 10075 initially and below it we can see a test of 9975 - 9865 . Those who are holding longs should now move their trailing cbsl to 10220 this week and can hold further on sustaining / closing above 10445 with a trailing cbsl of 10295 and look to book once near 10520 - 10575 . Fresh shorts may be entered this week on sustaining / closing below 10220. Nifty may face some resistance near 10520 - 10575 on further upmove in the coming week .
For the month of April , longs will get confirmed with a consecutive close above 10315 for a initial target of 10520 - 10575 and sustaining / closing above it we can see a further move till 10750 - 10900 . Similarly shorts will get confirmed with a consecutive close below 9915 for a initial target of 9705 - 9655 and sustaining / closing below it we can see a further move till 9475 - 9275 . Nifty has confirmed our monthly longs and we may see a move till 10520 - 10575 where we have our next immediate resistance .
Nifty Spot Levels for the week are
Long above 10400 , Tgt 10445 - 10475 - 10510
IF Nifty spot manages to get a close / sustain above 10560 then ,
long again for 10590 - 10690 - 10800
Short below 10260 , Tgt 10220 - 10185 - 10155
IF Nifty spot manages to get a close / sustain below 10105 then,
short again for 10075 - 9975 - 9865
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.