Sunday, 11 October 2015

Weekly Outlook for 12th - 16th October


NIFTY

Nifty has closed the week at 8179.9 after making a new high for the week at 8232.2 , with nearly a 238 points gain over last week . Nifty managed to break above 8200 after 32 trading sessions

In the coming week Nifty spot needs to give a close above 8240 to confirm uptrend continuation . Similarly 2 consecutive close  below 8139 can make Nifty test lower levels


Nifty Levels for the week are

Long above 8240 , Tgt 8271 - 8296 - 8339

IF Nifty spot manages to get 2 consecutive close above 8357 then ,

can test 8378 - 8453 - 8534 

Short below 8139 , Tgt 8108 - 8083 - 8040

IF Nifty spot manages to get 2 consecutive close below 8022 then, 

can test 8000 - 7926 - 7845

BANK NIFTY

Bank Nifty has closed the week at 17590.25 after making a new high for the week at 17827.15 on 06th Oct , and closed with nearly a 440 points gain over last week. It has been unable to break above 17827 in the last few days inspite of a positive market. So price action should be closely watched near 17820 levels

Bank Nifty Levels for the week are

Long above 17714 , Tgt 17790 - 17852 - 17958

IF Bank Nifty spot manages to get 2 consecutive close above 18005 then 

can test 18056 - 18239 - 18439

Short below 17466 , Tgt  - 17389 - 17327 - 17221

IF Bank Nifty spot manages to get 2 consecutive close below 17177 then 

can test 17124 - 16941 - 16740



Disclaimer : These are my personal views and trades taken on them should be done with a strict Stop loss .