NIFTY
This week Nifty spot went up 124 points over last weeks close and finally ended the week with a gain of 112 points compared to last weekly closing
Last week we had mentioned that long positions in Nifty can be taken above 7634 and short positions can be taken below 7574 . Nifty made a high of 7728 and low of 7617.70 for the week Nifty completed 4 targets giving nearly 90 points on the long side . Nifty has been trending higher this week since breaking above 7600 . We are approaching the top for this current up move for this series and one should watch the resistance levels closely for signs of reversal. As mentioned in our last week view Nifty will have to break and sustain above 7717 spot to go up further and Nifty has closed bang on 7716.50 . Nifty has good resistance between 7748 - 7767 spot for this week which is also the expiry week for this March series and one should watch for a closing above this levels .
In the coming week Nifty spot needs to break and sustain above 7767 to confirm uptrend and then one can expect a move till 7820 initially and breaking and sustaining above 7835 will give further confirmation for the next move which can take us till 7931 . Similarly Nifty spot needs to break and sustain below 7666 to confirm downtrend and then one can expect a move till 7612 initially and breaking and sustaining below 7599 will give further confirmation for the next move which can take us till 7502.
Nifty Spot Levels for the week are
Long above 7748 , Tgt 7767 - 7783 - 7810
IF Nifty spot manages to get a close or sustain above 7821 then ,
long again for 7834 - 7881 - 7931
Short below 7685 , Tgt 7666 - 7650 - 7623
IF Nifty spot manages to get a close or sustain below 7612 then,
short again for 7599 - 7552 - 7502
BANK NIFTY
This week Bank Nifty spot went up 313 points over last weeks close and finally ended the week with a gain of 233 points compared to last weekly closing
Last week we had mentioned that long positions in Bank Nifty can be taken above 15732 and short positions can be taken below 15578 spot . Bank Nifty gave a long trade and completed 4 targets on the long side giving nearly 233 points from our trade . Once Bank Nifty moved above our resistance of 15719 we saw a quick up move of nearly 250 points . We are approaching the top for this current up move and one should watch the resistance levels closely for signs of reversal. Bank Nifty has resistance in the range of 15955 - 15995 spot for this week which is also the expiry week for March series and one should watch for a closing above this level.
In the coming week Bank Nifty spot needs to break and sustain above 15995 to confirm uptrend and then one can expect a move till 16108 initially and breaking and sustaining above 16136 will give further confirmation of the next move which can take us till 16340 . Similarly sustaining or closing below 15781 can make Bank Nifty test lower levels till 15668 initially and breaking and sustaining below 15639 will give further confirmation of the next move which can take us down till 15435 .
Bank Nifty Spot Levels for the week are
Long above 15954 , Tgt 15995 - 16028 - 16084
IF Bank Nifty spot manages to get a close or sustain above 16108 then
long again for 16136 - 16234 - 16341
Short below 15822 , Tgt 15781 - 15748 - 15691
IF Bank Nifty spot manages to get a close or sustain below 15668 then
short again for 15639- 15542 - 15435
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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