Nifty spot went up nearly 127 points over last weeks close and finally ended this week with a gain of 99 points over last weeks close
Last week we had mentioned that if Nifty breaks 7807 spot level one can initiate long positions and Nifty made a weekly high of 7888.75 . Those who would have initiated the trade would have been rewarded with nearly 80 points as Nifty completed nearly 3 targets on the long side . We got a weekly close above 7860 spot with nearly a 100 points gain over last weeks close raising hopes of testing 7900 next week which is also the expiry week for December series and the last week of this year too.Now we need to see whether Nifty can break up above 7919 spot and sustain this week to test higher levels .
In the coming week Nifty spot needs to break and sustain above 7919 to confirm uptrend and then one can expect a move till 7968 initially and a close above 7996 can take us till 8105 . Similarly breaking and sustaining below 7802 can make Nifty test lower levels till 7754 initially and a close below 7726 can take us till 7615 .
Nifty Spot Levels for the week are
Long above 7897 , Tgt 7919 - 7937 - 7968
IF Nifty spot manages to get a close or sustain above 7981 then ,
long again for 7996 - 8049 - 8107
Short below 7825 , Tgt 7803 - 7785 - 7754
IF Nifty spot manages to get a close or sustain below 7741 then,
short again for 7726 - 7673 - 7615
Nifty spot December Expiry - Lower Range - 7748 & Upper Range - 7974
Bank Nifty gained nearly 250 points this week once it broke and sustained above our weekly long level of 16700 and finally closed this week with a gain of 215 points over last weeks close.
Last week we had mentioned that if Bank Nifty breaks above 16700 spot one can initiate longs and those who would have initiated the trade would have been rewarded with nearly 250 points as Bank Nifty made a high of 16946.10 completing all 3 initial targets on the long side. Bank Nifty gave a good weekly close of 16811 after reversing near 16940 on the last two trading days which was our next resistance zone . On Thursday Nifty made a new high for this month but Bank Nifty could not do the same.
In the coming week Bank Nifty spot needs to break and sustain above 16938 to confirm uptrend and then one can expect a move till 17045 initially and a close above 17075 can take us till 17350 . Similarly sustaining or closing below 16683 can make Bank Nifty test lower levels till 16577 initially and a close below 16515 can take us till 16275 .
Bank Nifty Spot Levels for the week are
Long above 16890 , Tgt 16938 - 16978 - 17045
IF Bank Nifty spot manages to get a close or sustain above 17073 then
long again for 17105 - 17220 - 17350
Short below 16730 , Tgt 16683 - 16644 - 16577
IF Bank Nifty spot manages to get a close or sustain below 16549 then
short again for 16515 - 16399 - 16275
Bank Nifty spot December Expiry - Lower Range - 16569 & Upper Range - 17055
P.S. Always wait for the highlighted levels to be crossed after taking a long/short position for confirmation of the trade .If it does not cross the highlighted levels then book profit or move SL to cost.
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Disclaimer : These are my personal views and trades taken on them should be done with a strict Stop loss .