Saturday, 17 October 2015

Weekly Outlook for 19th - 23rd October

NIFTY

Nifty has closed the week at 8238.15 after making a new high for the month at 8246.4 , with nearly a 48 points gain over last week's close  . Nifty spot has managed to close above 8200 after 37 trading sessions

In the coming week Nifty spot needs to give a close above 8266 to confirm uptrend continuation and then one can expect a move till 8330 initially and above that till 8430   . Similarly a close  below 8210 can make Nifty test lower levels till 8145 initially and below that till 8045 


Nifty Spot Levels for the week are

Long above 8266 , Tgt 8283 - 8297 - 8321

IF Nifty spot manages to get 2 consecutive close above 8331 then ,

can test 8343 - 8384 - 8430 

Short below 8210 , Tgt 8193 - 8179 - 8155

IF Nifty spot manages to get 2 consecutive close below 8145 then, 

can test 8134 - 8093 - 8048

BANK NIFTY

Bank Nifty spot has closed the week at 17912.85 after making a new high for the month at 17947.75, and closed with nearly a 323 points gain over last week. Bank Nifty spot has managed to close above 17900 after 37 trading sessions

In the coming week Bank Nifty spot needs to give a consecutive close above 17981 to confirm uptrend continuation and then one can expect a move till 18141 initially and above that till 18381 . Similarly a close below 17844 can make Bank Nifty test lower levels till 17685 initially and below that till 17444 

Bank Nifty Levels for the week are

Long above 17981 , Tgt 18024 - 18092 - 18116

IF Bank Nifty spot manages to get 2 consecutive close above 18141 then 

can test 18170 - 18271 - 18382

Short below 17844 , Tgt  - 17802 - 17768 - 17709

IF Bank Nifty spot manages to get 2 consecutive close below 17685 then 

can test 17656 - 17555 - 17444



Disclaimer : These are my personal views and trades taken on them should be done with a strict Stop loss and also after consulting your financial advisor .