NIFTY
This week Nifty went up by 180 points , then went down by 67 points before finally ending the week with a loss of 51 points compared to last weekly closing.
As per levels given for the previous week Nifty Spot needed to sustain and close above 10930 to confrim uptrend and Nifty spot needed to sustain and close below 10680 to confirm downtrend for the week. Nifty made a high of 10985.15 and made a low of 10738.65.
In the previous week had mentioned that " Now in the coming week Nifty needs to break and sustain above 10930 to test 11065 - 11095 initially and above it we can see a test of 11210 - 11335 .Breaking and sustaining below 10680 we can see a test of 10550 - 10515 initially and below it we can see a test of 10400 - 10280. Those who are looking to enter fresh longs should wait for Nifty to sustain / close above 10930 and enter with a stoploss of 10845 for a initial target of 11065 - 11095 and look to hold further only on sustaining or getting a close above the initial target. Those who are looking to enter fresh shorts should wait for Nifty to sustain / close below 10680 to enter with a stoploss of 10770 for a initial target of 10550 - 10515 and hold further only on sustaining or getting a close below the initial target zone . ", and Nifty triggered our long trade and then took our stoploss as it couldnt break above 11045 where we have our monthly long confirmation.
Now in the coming week Nifty needs to break and sustain above 10855 to test 10955 - 10980 initially and above it we can see a test of 11070 - 11170 . Breaking and sustaining below 10655 we can see a test of 10555 - 10525 initially and below it we can see a test of 10440 - 10340. Those who are looking to enter fresh longs should wait for Nifty to sustain / close above 10855 and enter with a stoploss of 10785 for a initial target of 10955 - 10980 and look to hold further only on sustaining or getting a close above the initial target zone . Those who are looking to enter fresh short should wait for Nifty to sustain / close below 10655 and enter with a stoploss of 10725 for a initial target of 10555 - 10525 and hold further only on sustaining or getting a close below the initial target zone .
As mentioned " For the month of December , longs will get confirmed in Nifty with a consecutive close above 11045 for a initial target of 11220 - 11265 and sustaining / closing above it we can see a further move till 11415 - 11585 . Similarly shorts will get confirmed with a consecutive close below 10710 for a initial target of 10535 - 10490 and sustaining / closing below it we can see a further move till 10340 - 10170 . In the month of October Nifty gave 700+ points from the short trade . " , and Nifty had confirmed our monthly shorts with a consecutive close below 10710 as mentioned last week and we got a low of 10333.85 testing our next target zone of 10340 - 10170 giving 370 points. Had mentioned to exit once near 10340 as was expecting a pull back and Nifty bounced back 600 points . Now we are entering a truncated expiry week and with the persistent weakness in global markets , if we break and sustain below 10710 we can see a quick move till 10535 - 10490 zone where we have the immediate support .
Had mentioned earlier that " Nifty has strong resistance near 10775 - 10885 which needs to be crossed strongly on a closing basis now for the bear grip to become weaker . Stoploss for positional shorts is at 10890 and unless we get a strong close above it bears will have the upper hand. " , and Nifty gave a close well above it but still could not confirm our monthly long and we saw selling return back due to weak global markets .
Nifty Spot Levels for the week are
Long above 10815 , Tgt 10855 - 10885 - 10915
IF Nifty spot manages to get a close / sustain above 10955 then ,
long again for 10980 - 11070 - 11170
Short below 10690 , Tgt 10655 - 10625 - 10595
IF Nifty spot manages to get a close / sustain below 10555 then,
short again for 10525 - 10440 - 10340
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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