Saturday, 28 May 2016

Weekly Spot Outlook for Nifty & Bank Nifty for 30th May to 3rd June

NIFTY

This week Nifty spot went up 414 points over last weeks close and finally ended the week with a gain of around 407 points compared to last weekly closing 

Last week we had mentioned that Nifty Spot needs to break and sustain above 7800 to confirm uptrend and Nifty spot needs to break and sustain below 7700 to confirm downtrend. Nifty made a high of 8164.20 and low of 7715.80 for the week. From 7715.80 Nifty went up to trigger our long call and completed all our targets and more . Those who would have entered the long trade would have got 180 points till the last targets and nearly double by using TSL .

In the coming week Nifty spot needs to break and sustain above 8243 to confirm uptrend and then one can expect a move till 8334 initially and breaking and sustaining above 8357 will give further confirmation for the next move which can take us till 8522. Similarly Nifty spot needs to break and sustain below 8070 to confirm downtrend and then one can expect a move till 7979 initially and breaking and sustaining below 7956 will give further confirmation for the next move which can take us till 7792.


Nifty Spot Levels for the week are

Long above 8210 , Tgt  8243 - 8269 - 8296

IF Nifty spot manages to get a close / sustain above 8334 then ,

long again for 8357 - 8436 - 8522

Short below 8103 , Tgt 8070 - 8044 - 8017

IF Nifty spot manages to get a close / sustain below 7979 then, 

short again for 7956 - 7878 - 7792



BANK NIFTY

This week Bank Nifty spot went up 1062 points over last weeks close and finally ended the week with a gain of 1030 points compared to last weekly closing  

Last week we had mentioned that Bank Nifty Spot needs to break and sustain above 16593 to confirm uptrend and Bank Nifty spot needs to break and sustain below 16370 to confirm downtrend. Bank Nifty made a high of 17543.30 and a low of 16368 .From 17368 Bank Nifty went up to trigger our long call and completed all our targets and more. Those who would have entered the long trade would have got 361 points till the last target and more than double by using TSL . Bank Nifty did not sustain below 16370 even for a minute on both Monday and Tuesday indicating it was not willing to go down.

In the coming week Bank Nifty spot needs to break and sustain above 17740 to confirm uptrend and then one can expect a move till 17981 initially and breaking and sustaining above 18042 will give further confirmation of the next move which can take us till 18478 . Similarly sustaining or closing below 17284 can make Bank Nifty test lower levels till 17042 initially and breaking and sustaining below 16981 will give further confirmation of the next move which can take us down till 16545.

Bank Nifty Spot Levels for the week are

Long above 17653 , Tgt 17740 - 17811 - 17881

IF Bank Nifty spot manages to get a close / sustain above 17981 then 

long again for 18042 - 18250 - 18478

Short below 17371 , Tgt 17284 - 17213 - 17143

IF Bank Nifty spot manages to get a close / sustain below 17042 then 

short again for 16981 - 16773 - 16545


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