Thursday, 14 April 2016

Weekly Outlook for 18th to 22nd April

NIFTY

This week Nifty spot went up 310 points over last weeks close and finally ended the week with a gain of around 295 points compared to last weekly closing 

Last week we had mentioned that long positions in Nifty can be taken above 7601 and short positions can be taken below 7509 . Nifty made a high of 7864.80 and low of 7516.85 for the week. This week Nifty triggered a long call on Monday and completed nearly all 6 targets on the long side in a truncated week giving us nearly 265 points from our long trade . Last week we had mentioned that Nifty inspite of breaking below 7546 had not closed below it to confirm further correction . Nifty is now approaching a good resistance range of 7883 - 7938 spot and breaking and sustaining above this range is required this week for further upmove else we may see a small correction taking place from around these levels.

In the coming week Nifty spot needs to break and sustain above 7938 to confirm uptrend and then one can expect a move till 8031 initially and breaking and sustaining above 8055 will give further confirmation for the next move which can take us till 8223 . Similarly Nifty spot needs to break and sustain below 7763 to confirm downtrend and then one can expect a move till 7670 initially and breaking and sustaining below 7646 will give further confirmation for the next move which can take us till 7478.


Nifty Spot Levels for the week are

Long above 7905 , Tgt  7938 - 7966 - 8012

IF Nifty spot manages to get a close or sustain above 8031 then ,

long again for 8055 - 8135 - 8223

Short below 7796 , Tgt 7763 - 7735 - 7689

IF Nifty spot manages to get a close or sustain below 7670 then, 

short again for 7646 - 7566 - 7478



BANK NIFTY

This week Bank Nifty spot went up 781 points over last weeks close and finally ended the week with a gain of 710 points compared to last weekly closing  

Last week we had mentioned that long positions in Bank Nifty can be taken above 15710 and short positions can be taken below 15426 spot . Bank Nifty made a high of 16349.70 and a low of 15440.25 . This week Bank Nifty triggered a long call on Monday and completed more than 5 targets on the long side in a truncated week giving us nearly 640 points from our long trade. We had mentioned last week that the fall we had seen post RBI policy was not because of the policy but because of the global markets . Bank Nifty is now approaching good resistance range of 16427 - 16576 spot and breaking and sustaining above this range is required this week for further upmove else we may see a small correction taking place from around these levels.


In the coming week Bank Nifty spot needs to break and sustain above 16518 to confirm uptrend and then one can expect a move till 16772 initially and breaking and sustaining above 16836 will give further confirmation of the next move which can take us till 17295 . Similarly sustaining or closing below 16039 can make Bank Nifty test lower levels till 15785 initially and breaking and sustaining below 15721 will give further confirmation of the next move which can take us down till 15263 .

Bank Nifty Spot Levels for the week are

Long above 16427 , Tgt 16518 - 16593 - 16719

IF Bank Nifty spot manages to get a close or sustain above 16772 then 

long again for 16836 - 17055 - 17295

Short below 16130 , Tgt 16039 - 15965 - 15838

IF Bank Nifty spot manages to get a close or sustain below 15785 then 

short again for 15721 - 15502 - 15263


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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