Saturday, 14 May 2016

Weekly Outlook for Nifty & Bank Nifty Spot for 16th to 20th May

NIFTY

This week Nifty spot went up 183 points over last weeks close and finally ended the week with a gain of around 81 points compared to last weekly closing 

Last week we had mentioned that long positions in Nifty can be taken above 7772 and short positions can be taken below 7695 . Nifty made a high of 7916.05 and low of 7753.55 for the week. This week Nifty triggered a long call on Monday and completed 4 targets and more on the long side giving us nearly 144 points from our long trade.  


In the coming week Nifty spot needs to break and sustain above 7878 to confirm uptrend and then one can expect a move till 7945 initially and breaking and sustaining above 7962 will give further confirmation for the next move which can take us till 8084. Similarly Nifty spot needs to break and sustain below 7751 to confirm downtrend and then one can expect a move till 7684 initially and breaking and sustaining below 7667 will give further confirmation for the next move which can take us till 7546.


Nifty Spot Levels for the week are

Long above 7854 , Tgt  7878 - 7898 - 7918

IF Nifty spot manages to get a close / sustain above 7945 then ,

long again for 7962 - 8020 - 8084

Short below 7776 , Tgt 7751 - 7732 - 7712

IF Nifty spot manages to get a close / sustain below 7684 then, 

short again for 7667 - 7610 - 7546



BANK NIFTY

This week Bank Nifty spot went up 665 points over last weeks close and finally ended the week with a gain of 420 points compared to last weekly closing  

Last week we had mentioned that long positions in Bank Nifty can be taken above 16395 and short positions can be taken below 16198 spot . Bank Nifty made a high of 16962 and a low of 16357 . This week Bank Nifty triggered a long call on Monday and completed nearly all our 6 targets on the long side giving around 567 points. 

In the coming week Bank Nifty spot needs to break and sustain above 16893 to confirm uptrend and then one can expect a move till 17079 initially and breaking and sustaining above 17126 will give further confirmation of the next move which can take us till 17461 . Similarly sustaining or closing below 16541 can make Bank Nifty test lower levels till 16355 initially and breaking and sustaining below 16308 will give further confirmation of the next move which can take us down till 15972.

Bank Nifty Spot Levels for the week are

Long above 16825 , Tgt 16893 - 16947 - 17001

IF Bank Nifty spot manages to get a close / sustain above 17079 then 

long again for 17126 - 17286 - 17461

Short below 16608 , Tgt 16541 - 16487 - 16433

IF Bank Nifty spot manages to get a close / sustain below 16355 then 

short again for 16308 - 16148 - 15972


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 my initial previous posts of 2015 kindly go to :-
  https://simplytradestocks.wordpress.com