Saturday, 12 March 2016

Weekly Outlook for 14th to 18th March

NIFTY

This week Nifty spot went up 62 points over last weeks close and finally ended the week with a gain of 25 points compared to last weekly closing 

Last week we had mentioned that long positions in Nifty can be taken above 7559 and short positions can be taken below 7412 . Nifty went up till 7547.10 and went down till 7424.30 without giving a trade on either side . Nifty was in a no trade zone for us as it traded between our buy and sell zone of 7412 - 7559 . After a excessive move last week we saw a dull move this entire week. Our view on Nifty for this week is more or less similar to last week. One should exercise caution once Nifty nears or reaches 7567 - 7591 spot . We can expect some correction from these levels . Nifty will have to break and sustain above 7604 spot to go up further.

In the coming week Nifty spot needs to break and sustain above 7603 to confirm uptrend and then one can expect a move till 7701 initially and breaking and sustaining above 7726 will give further confirmation for the next move which can take us till 7904 . Similarly Nifty spot needs to break and sustain below 7417 to confirm downtrend and then one can expect a move till 7319 initially and breaking and sustaining below 7294 will give further confirmation for the next move which can take us till 7117.


Nifty Spot Levels for the week are

Long above 7568 , Tgt  7603 - 7632 - 7681

IF Nifty spot manages to get a close or sustain above 7701 then ,

long again for 7726 - 7811 - 7903

Short below 7453 , Tgt 7417 - 7389 - 7340

IF Nifty spot manages to get a close or sustain below 7319 then, 

short again for 7294 - 7210 - 7117



BANK NIFTY

This week Bank Nifty spot went down  350 points over last weeks close and finally ended the week with a loss of 171 points compared to last weekly closing  

Last week we had mentioned that ahort positions in Bank Nifty can be taken below 15124 and the confirmation of the trade was at 14990 .  Bank Nifty went down till 14989.40 and reversed from our short confirmation level . The whole week Bank Nifty traded between 14989 - 15354 and did not give a confirmation for a weekly trade on any side . We saw a limited move all through the week and did not get any trade to get executed . 

In the coming week Bank Nifty spot needs to break and sustain above 15436 to confirm uptrend and then one can expect a move till 15719 initially and breaking and sustaining above 15791 will give further confirmation of the next move which can take us till 16300 . Similarly sustaining or closing below 14900 can make Bank Nifty test lower levels till 14617 initially and breaking and sustaining below 14546 will give further confirmation of the next move which can take us down till 14034 .

Bank Nifty Spot Levels for the week are

Long above 15334 , Tgt 15436 - 15519 - 15660

IF Bank Nifty spot manages to get a close or sustain above 15719 then 

long again for 15791 - 16035 - 16302

Short below 15003 , Tgt 14900 - 14818 - 14676

IF Bank Nifty spot manages to get a close or sustain below 14617 then 

short again for 14546 - 14302 - 14034


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 .

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