Nifty spot went down nearly 400 points over last weeks close and finally ended this week with a loss of 360 points over last weeks close
Last week we had mentioned that now Nifty needs to close above 7981 to test higher levels upto 8100 . Nifty had made a high of 7972.55 last week and this week we saw Nifty starting the week with a 180 point loss compared to last weeks close due to global meltdown of indices . Nifty met all weekly targets on the short side within a day itself and fell further as global markets remained volatile . Those who would have initiated the short trade should have got good returns.Now Nifty is once again very close to breaking 7540 which has been a support in the last two corrections. We can expect 7540 to break this time and Nifty to find some support near 7442 - 7422 spot in case it happens .
In the coming week Nifty spot needs to break and sustain above 7678 to confirm uptrend and then one can expect a move till 7743 initially and a close above 7781 can take us till 7928 . Similarly breaking and sustaining below 7524 can make Nifty test lower levels till 7460 initially and a close below 7422 can take us till 7275.
Nifty Spot Levels for the week are
Long above 7649 , Tgt 7678 - 7702 - 7743
IF Nifty spot manages to get a close or sustain above 7760 then ,
long again for 7780 - 7851 - 7928
Short below 7554 , Tgt 7524 - 7501 - 7460
IF Nifty spot manages to get a close or sustain below 7442 then,
short again for 7422 - 7352 - 7275
Bank Nifty lost nearly 920 points this week once it broke and sustained below our weekly short level of 16970 and finally closed this week with a loss of 896 points over last weeks close.
Last week we had mentioned that Bank Nifty now has to close above 17081 levels to test upto 17300 - 17500 levels . Bank Nifty had made a high of 17067.45 last week and started this week with a dip of nearly 460 points and completing nearly all our weekly targets within a day due to global selling across indices .Those who would have initiated the short trade would have got more than 460 points . Now Bank Nifty is very close to breaking 16000 and testing the previous low of 15762 which can take us down till 15500 - 15400 spot in that case
In the coming week Bank Nifty spot needs to break and sustain above 16320 to confirm uptrend and then one can expect a move till 16465 initially and a close above 16550 can take us till 16880 . Similarly sustaining or closing below 15965 can make Bank Nifty test lower levels till 15820 initially and a close below 15735 can take us down till 15400.
Bank Nifty Spot Levels for the week are
Long above 16255 , Tgt 16320 - 16372 - 16465
IF Bank Nifty spot manages to get a close or sustain above 16505 then
long again for 16550 - 16710 - 16880
Short below 16035 , Tgt 15968 - 15915 - 15820
IF Bank Nifty spot manages to get a close or sustain below 15780 then
short again for 15735 - 15575 - 15400
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 .