Sunday, 1 May 2016

Weekly Outlook of Nifty & Bank Nifty Spot for 02nd to 6th May

NIFTY

This week Nifty spot went up 93 points over last weeks close and finally ended the week with a loss of around 50 points compared to last weekly closing 

Last week we had mentioned that long positions in Nifty can be taken above 7939 and short positions can be taken below 7859 . Nifty made a high of 7992 and low of 7788.70 for the week. This week Nifty triggered a long call on Tuesday and completed 2 targets on the long side giving us nearly 50 points from our long trade before taking our TSL & then triggered our short call and completed nearly 3 targets on the short trade giving us nearly 70 points from it  . As the entire week we saw Nifty move between 7789 - 7992 spot so for the coming week one should watch for a valid breakout of this range for the next directional move .


In the coming week Nifty spot needs to break and sustain above 7913 to confirm uptrend and then one can expect a move till 7980 initially and breaking and sustaining above 7997 will give further confirmation for the next move which can take us till 8118. Similarly Nifty spot needs to break and sustain below 7787 to confirm downtrend and then one can expect a move till 7720 initially and breaking and sustaining below 7703 will give further confirmation for the next move which can take us till 7582.


Nifty Spot Levels for the week are

Long above 7889 , Tgt  7913 - 7933 - 7970

IF Nifty spot manages to get a close or sustain above 7980 then ,

long again for 7997- 8054 - 8118

Short below 7811 , Tgt 7787 - 7767 - 7734

IF Nifty spot manages to get a close or sustain below 7720 then, 

short again for 7703 - 7645 - 7582



BANK NIFTY

This week Bank Nifty spot went up 326 points over last weeks close and finally ended the week with a gain of 92 points compared to last weekly closing  

Last week we had mentioned that long positions in Bank Nifty can be taken above 16804 and short positions can be taken below 16602 spot . Bank Nifty made a high of 17029.85 and a low of 16527.55 . This week Bank Nifty triggered a long call on Tuesday and completed 3 targets on the long side giving around 220 points before taking our TSL and then triggered a short call and completed 1 target on the short side giving around 60 points  . Bank Nifty took resistance just below our next resistance level of 17040 at near 17030 and reversed from there this week . As the entire week we saw Bank Nifty move between  16528 - 17030 spot so for the coming week one should watch or a valid breakout of this range for the next directional move . 

In the coming week Bank Nifty spot needs to break and sustain above 16957 to confirm uptrend and then one can expect a move till 17129 initially and breaking and sustaining above 17172 will give further confirmation of the next move which can take us till 17482 . Similarly sustaining or closing below 16633 can make Bank Nifty test lower levels till 16461 initially and breaking and sustaining below 16418 will give further confirmation of the next move which can take us down till 16108 .

Bank Nifty Spot Levels for the week are

Long above 16895 , Tgt 16957 - 17007 - 17093

IF Bank Nifty spot manages to get a close or sustain above 17129 then 

long again for 17172 - 17320 - 17482

Short below 16695 , Tgt 16633 - 16583 - 16497

IF Bank Nifty spot manages to get a close or sustain below 16461 then 

short again for 16418 - 16270 - 16108


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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