Sunday, 13 December 2015

Weekly Outlook for 14th to 18th December

NIFTY

Nifty spot fell 179 points this week once it broke and sustained below our weekly sell level of 7754 . 

Last week we had mentioned that if Nifty breaks 7754 spot level one can initiate shorts and those who would have initiated the trade would have been rewarded with nearly 180 points. Now we are in a sell on rise market in Nifty till we get a close above 7766 spot.

Nifty spot has closed the week at 7610.45 after making a weekly low at 7575.30 , with nearly a 180 points loss over last week's close  . We had mentioned to go long above 7810 for the week and Nifty made a high of 7825.40 but could not sustain giving the first indication that markets are not ready to move up . Nifty spot completed 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 this week again.

In the coming week Nifty spot needs to give a close above 7642 to confirm uptrend and then one can expect a move till 7704 initially and above that till 7824 . Similarly sustaining or closing below 7579 can make Nifty test lower levels till 7518 initially and below that till 7396 .

Nifty Spot Levels for the week are

Long above 7642, Tgt  7661 - 7677 - 7704

IF Nifty spot manages to get a close or sustain above 7715 then ,

long again for 7728 - 7774 - 7824

Short below 7579 , Tgt 7560 - 7544 - 7518

IF Nifty spot manages to get a close or sustain below 7506 then, 

short again for 7493 - 7447 - 7396


BANK NIFTY

Bank Nifty fell nearly 555 points this week once it broke and sustained below our weekly sell level of 16800 .

Last week we had mentioned that if Bank Nifty breaks 16800 spot one can initiate shorts and those who would have initiated the trade would have been rewarded with nearly 555 points . Now we are in a sell on rise market in Bank Nifty till we get a close above 17702 spot .

Bank Nifty spot has closed the week at 16342.50 after making a weekly low at 16260.10 , with nearly a 555 points loss over last week's close .We had mentioned to go long above 16991 spot for the week and Bank Nifty made a high of 17031.85 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 now poised precariously.

In the coming week Bank Nifty spot needs to give a consecutive close above 16420 to confirm uptrend and then one can expect a move till 16570 initially and above that till 16865 . Similarly sustaining or closing below 16265 can make Bank Nifty test lower levels till 16115 initially and below that till 15820 .

Bank Nifty Levels for the week are

Long above 16420 , Tgt 16467 - 16505 - 16570

IF Bank Nifty spot manages to get a close or sustain above 16600 then 

long again for 16631 - 16745 - 16865

Short below 16265 , Tgt 16218 - 16180 - 16115

IF Bank Nifty spot manages to get a close or sustain below 16085 then  

short again 16054 - 15940 - 15820

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.

To view all our previous posts kindly go to  https://simplytradestocks.wordpress.com

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