NIFTY
This week Nifty went up by 105 points , then went down by 299 points before finally ending the week with a loss of 273 points compared to last weekly closing.
As per levels given for the previous week Nifty Spot needed to sustain and close above 10445 to confirm uptrend and Nifty spot needed to sustain and close below 10290 to confirm downtrend for the week. Nifty made a high of 10408.55 and made a low of 10004.55
As mentioned in the previous weekly post " Now in the coming week Nifty needs to break and sustain above 10445 to test 10600 - 10635 initially and above it we can see a test of 10765 - 10910. Breaking and sustaining below 10160 we can see a test of 10010 - 9970 initially and below it we can see a test of 9840 - 9700 . Those who are looking to enter fresh longs should wait for Nifty to sustain / close above 10445 to enter with a stoploss of 10345 and look to hold further only on getting a close above 10595 - 10635 zone . Those who are looking to enter fresh shorts should wait for Nifty to sustain / close below 10160 to enter with a stoploss of 10260 and look to hold further only on getting a close below 9845 - 9700 zone . Incase of a bounce towards 10400 aggressive shorts can look at shorting with a stoploss of 10450" , and we saw Nifty make a high of 10408.55 and get sold off immediately and it then triggered our short trade and made a low of 10004.55 testing our initial short target zone of 10010 - 9970 giving 200 points from the weekly short trade and those who would have shorted near 10400 would have got 175 points more .
Now in the coming week Nifty needs to break and sustain above 10115 to test 10200 - 10220 initially and above it we can see a test of 10295 - 10375 . Breaking and sustaining below 9945 we can see a test of 9860 - 9840 initially and below it we can see a test of 9765 - 9685. Those who looking to enter fresh longs should wait for Nifty to sustain / close above 10115 to enter with a stoploss of 10055 and look to hold further only on getting a close above 10200 - 10220 zone . Those who are looking to enter fresh shorts should wait for Nifty to sustain / close below 9945 to enter with a stoploss of 10005 and look to hold further only on getting a close below 9860 - 9840 zone . Incase of a consecutive close above 10375 longs can be held for a further move till 10450 - 10525 as per expiry levels . Those who are looking to take fresh shorts near 10350 - 10375 should keep a strict stoploss of 10450.
As mentioned at the beginning of this month "For the month of October , longs will get confirmed in Nifty with a consecutive close above 11085 for a initial target of 11245 - 11290 and sustaining / closing above it we can see a further move till 11425 - 11580 . Similarly shorts will get confirmed with a consecutive close below 10775 for a initial target of 10615 - 10575 and sustaining / closing below it we can see a further move till 10435 - 10285 . In the month of September Nifty gave 700+ points from the short trade . " , and we saw Nifty confirm our monthly short trade and complete all our short targets and also exceed it by 280 points making a low of 10004.55 giving us 780 points from the monthly short trade . Nifty has strong resistance near 10775 - 10885 which needs to crossed strongly on a closing basis now for a stronger pullback and making the bear grip weak . Stoploss for positional shorts is at 10890 and unless we get a strong close above it bears will have the upper hand.
Nifty Spot Levels for the week are
Long above 10080 , Tgt 10115 - 10135 - 10165
IF Nifty spot manages to get a close / sustain above 10200 then ,
long again for 10220 - 10295 - 10375
Short below 9980 , Tgt 9945 - 9925 - 9895
IF Nifty spot manages to get a close / sustain below 9860 then,
short again for 9840 - 9765 - 9685
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.
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