Saturday, 9 April 2016

Weekly Outlook for 11th to 15th April

NIFTY

This week Nifty spot went down 186 points over last weeks close and finally ended the week with a loss of around 158 points compared to last weekly closing 

Last week we had mentioned that long positions in Nifty can be taken above 7757 and short positions can be taken below 7669 . Nifty made a high of 7764.45 and low of 7526.70 for the week. Though Nifty triggered a long call on Monday it did not confirm it by crossing 7785 which was the confirmation point as mentioned for our long trade and we saw Nifty trigger a sell call and complete 4 targets on the short side giving us 142 points from our trade . Nifty could not give a close below 7546 to confirm further correction and has managed to close above it for the week . Nifty has been consolidating in the last few days in 7525 - 7640 spot range and breakout of this range will give us the next move for this week. 

In the coming week Nifty spot needs to break and sustain above 7630 to confirm uptrend and then one can expect a move till 7709 initially and breaking and sustaining above 7729 will give further confirmation for the next move which can take us till 7872 . Similarly Nifty spot needs to break and sustain below 7480 to confirm downtrend and then one can expect a move till 7401 initially and breaking and sustaining below 7381 will give further confirmation for the next move which can take us till 7238.


Nifty Spot Levels for the week are

Long above 7601 , Tgt  7630 - 7653 - 7693

IF Nifty spot manages to get a close or sustain above 7709 then ,

long again for 7729 - 7797 - 7872

Short below 7509 , Tgt 7480 - 7457 - 7418

IF Nifty spot manages to get a close or sustain below 7401 then, 

short again for 7381 - 7313 - 7238



BANK NIFTY

This week Bank Nifty spot went down 717 points over last weeks close and finally ended the week with a loss of 606 points compared to last weekly closing  

Last week we had mentioned that long positions in Bank Nifty can be taken above 16304 and short positions can be taken below 16046 spot . Bank Nifty made a high of 16278.50 and a low of 15458.05 . Bank Nifty made a low at exactly 16046.50 on Monday but triggered our short trade on Tuesday and completed 6 targets on the short side giving us around 585 points on the short side . We were expecting the next move to come in Bank Nifty post RBI policy which in itself is not the reason for any fall but we have fallen on global cues this week. 

In the coming week Bank Nifty spot needs to break and sustain above 15798 to confirm uptrend and then one can expect a move till 16041 initially and breaking and sustaining above 16103 will give further confirmation of the next move which can take us till 16542 . Similarly sustaining or closing below 15538 can make Bank Nifty test lower levels till 15095 initially and breaking and sustaining below 15034 will give further confirmation of the next move which can take us down till 14595 .

Bank Nifty Spot Levels for the week are

Long above 15710 , Tgt 15798 - 15869 - 15991

IF Bank Nifty spot manages to get a close or sustain above 16041 then 

long again for 16103 - 16312 - 16542

Short below 15426 , Tgt 15338 - 15267 - 15146

IF Bank Nifty spot manages to get a close or sustain below 15095 then 

short again for 15034 - 14825 - 14595


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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