NIFTY
Nifty spot fell nearly 130 points this week once it broke and sustained below our weekly sell level of 7910 and now it is at a crucial support .
Last week we had mentioned that if Nifty breaks 7910 spot level one can initiate shorts and those who would have initiated the trade would have been rewarded with nearly 130 points. Now we are at crucial support and it would be interesting to see how market reacts on Monday.
Nifty spot has closed the week at 7781.90 after making a weekly low at 7775.70 , with nearly a 160 points loss over last week's close . We had mentioned to go long above 7976 for the week and Nifty made a high of 7979.30 but could not sustain giving the first indication that markets are not ready to move up . Nifty spot completed nearly all targets on downside for this week as mentioned in our outlook last week and is now poised precariously by closing very near to the weekly low .
In the coming week Nifty spot needs to give a close above 7810 to confirm uptrend and then one can expect a move till 7865 initially and above that till 7972 . Similarly sustaining or closing below 7754 can make Nifty test lower levels till 7699 initially and below that till 7591 .
Nifty Spot Levels for the week are
Long above 7810, Tgt 7827 - 7841 - 7865
IF Nifty spot manages to get a close or sustain above 7875 then ,
long again for 7886 - 7927 - 7972
Short below 7754 , Tgt 7737 - 7723 - 7699
IF Nifty spot manages to get a close or sustain below 7689 then,
short again for 7677 - 7636 - 7591
BANK NIFTY
Bank Nifty fell nearly 365 points this week once it broke and sustained below our weekly sell level of 17245 .
Last week we had mentioned that if Bank Nifty breaks 17245 spot one can initiate shorts and those who would have initiated the trade would have been rewarded with nearly 365 points .
Bank Nifty spot has closed the week at 16897.30 after making a weekly low at 16880.35 , with nearly a 473 points loss over last week's close . We had mentioned to go long above 17495 spot for the week and Bank Nifty made a high of 17498.35 but could not sustain giving the first indication that markets are not ready to move up . Bank Nifty spot completed nearly all targets on downside for this week as mentioned in our outlook last week and is also now poised precariously by closing very near to the weekly low .
Bank Nifty spot has closed the week at 16897.30 after making a weekly low at 16880.35 , with nearly a 473 points loss over last week's close . We had mentioned to go long above 17495 spot for the week and Bank Nifty made a high of 17498.35 but could not sustain giving the first indication that markets are not ready to move up . Bank Nifty spot completed nearly all targets on downside for this week as mentioned in our outlook last week and is also now poised precariously by closing very near to the weekly low .
In the coming week Bank Nifty spot needs to give a consecutive close above 16991 to confirm uptrend and then one can expect a move till 17175 initially and above that till 17540 . Similarly sustaining or closing below 16800 can make Bank Nifty test lower levels till 16620 initially and below that till 16255 .
Bank Nifty Levels for the week are
Long above 16991 , Tgt 17050 - 17095 - 17175
IF Bank Nifty spot manages to get a close or sustain above 17210 then
long again for 17250 - 17390 - 17540
Short below 16800 , Tgt 16745 - 16700 - 16620
IF Bank Nifty spot manages to get a close or sustain below 16580 then
short again 16540 - 16405 - 16255
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Disclaimer : These are my personal views and trades taken on them should be done with a strict Stop loss .
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