Nifty spot went down nearly 175 points over last weeks close and finally ended this week with a loss of 163 points over last weeks close
Last week we had mentioned that Nifty is very close to its previous low and support of 7540 and we are expecting it to be broken this time and Nifty to find some support near 7442 - 7422 in case that happens. Nifty broke below 7540 this week and made a low of 7425.80. The world markets are crashing daily of late and all important supports are breaking and getting tested across indices . On friday Dow closed below 16000 and Oil below 30 dollars . The slump in oil prices and signals of weakening growth in China are being attributed for the meltdown in stock markets globally. We were expecting Nifty to hold 7420 on closing basis this week and it has done that .
In the coming week Nifty spot needs to break and sustain above 7501 to confirm uptrend and then one can expect a move till 7553 initially and a close above 7584 can take us till 7704 . Similarly breaking and sustaining below 7374 can make Nifty test lower levels till 7322 initially and a close below 7292 can take us till 7171.
Nifty Spot Levels for the week are
Long above 7477 , Tgt 7501 - 7520 - 7553
IF Nifty spot manages to get a close or sustain above 7567 then ,
long again for 7584 - 7641 - 7704
Short below 7399 , Tgt 7375 - 7355 - 7322
IF Nifty spot manages to get a close or sustain below 7308 then,
short again for 7292 - 7234 - 7171
Bank Nifty lost nearly 988 points this week over last weeks close and finally closed this week with a loss of 936 points over last weeks close.
Last week we had mentioned that Bank Nifty can be shorted below 16035 for a target upto 15400 . Bank Nifty gave a good opportunity to go short on Monday and completed all our targets on the short side and fell beyond it too . Bank Nifty gave more than 600 points this week to those who followed the levels .
In the coming week Bank Nifty spot needs to break and sustain above 15380 to confirm uptrend and then one can expect a move till 15520 initially and a close above 15560 can take us till 15935 . Similarly sustaining or closing below 15035 can make Bank Nifty test lower levels till 14890 initially and a close below 14850 can take us down till 14480.
Bank Nifty Spot Levels for the week are
Long above 15315 , Tgt 15380 - 15430 - 15520
IF Bank Nifty spot manages to get a close or sustain above 15560 then
long again for 15605 - 15760 - 15935
Short below 15100 , Tgt 15035 - 14980 - 14890
IF Bank Nifty spot manages to get a close or sustain below 14850 then
short again for 14810 - 14650 - 14480
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 .