Sunday 7 February 2016

Weekly Outlook for 08th to 12th February

NIFTY

This week Nifty spot went down nearly 213 points over last weeks close and finally ended the week with a loss of 65 points compared to last weekly closing 

Last week we had mentioned that Nifty can be shorted below 7507 and Nifty went down till 7350.30 and completed 3 targets . Those who would have followed the levels would have got nearly 156 points on the short side . Nifty took support near 7350 which was our second support for the week as mentioned in our previous weekly post . We had mentioned in our previous weekly post that as long as we close above 7336 we can head higher and we saw Nifty recover from 7350 till 7500 by Friday . This week we can expect resistance near 7573 and 7672 and support near 7424 & 7326 .


In the coming week Nifty spot needs to break and sustain above 7573 to confirm uptrend and then one can expect a move till 7636 initially and breaking and sustaining above 7672 will give further confirmation for the next move which can take us till 7815 . Similarly Nifty spot need to break and sustain below 7424 to confirm downtrend and then one can expect a move till 7362 initially and breaking and sustaining below 7326 will give further confirmation for the next move which can take us till 7182.


Nifty Spot Levels for the week are

Long above 7545 , Tgt  7573 - 7597 - 7620

IF Nifty spot manages to get a close or sustain above 7652 then ,

long again for 7672 - 7740 - 7815

Short below 7453 , Tgt 7424 - 7401 - 7378

IF Nifty spot manages to get a close or sustain below 7345 then, 

short again for 7326 - 7257 - 7182



BANK NIFTY

This week Bank Nifty spot went down nearly 761 points over last weeks close and finally ended the week with a loss of 360 points compared to last weekly closing  

Last week we had mentioned that Bank Nifty can be shorted below 15383 and Bank Nifty went down till 14761.40  .Those who would have followed the levels would have got nearly 621 points on the short side . Bank Nifty had reversed last time also form 14754.65 indicating some support at those levels and we saw some recovery to cross and close above 15000 levels again .

In the coming week Bank Nifty spot needs to break and sustain above 15341 to confirm uptrend and then one can expect a move till 15530 initially and breaking and sustaining above 15578 will give further confirmation of the next move which can take us till 15920 . Similarly sustaining or closing below 14983 can make Bank Nifty test lower levels till 14794 initially and breaking and sustaining below 14746 will give further confirmation of the next move which can take us down till 14405 .

Bank Nifty Spot Levels for the week are

Long above 15273 , Tgt 15341 - 15396 - 15490

IF Bank Nifty spot manages to get a close or sustain above 15530 then 

long again for 15578 - 15740 - 15919

Short below 15051 , Tgt 14983 - 14928 - 14834

IF Bank Nifty spot manages to get a close or sustain below 14794 then 

short again for 14746 - 14584 - 14405


P.S. Always wait for the yellow highlighted levels to be crossed after taking a long/short position for confirmation of the trade . Once the highlighted levels are crossed and the next target is achieved move your Stoploss to the highlighted levels .

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 .

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