Saturday, 25 June 2016

Weekly Spot Outlook of Nifty & Bank Nifty for 27th June to 01st July

NIFTY

This week Nifty spot went up 115 points & went down 243 points from last weeks close and finally ended the week with a loss  of 81.60 points compared to last weekly closing. 

Last week we had mentioned that Nifty Spot needs to break and sustain above 8205 to confirm uptrend and Nifty spot needs to break and sustain below 8135 to confirm downtrend. Nifty made a high of 8285.60 and low of 7927.05 for the week

This week Nifty first triggered our long trade and completed our 3 initial targets giving us 80 points from the trade . Further longs were to be added or long positions were to be held on closing / sustaining above 8287 and Nifty just fell short of 1.40 points from triggering further longs giving a indication that the upmove could be done. From there Nifty then fell to trigger our short trade and completed all 6 targets for the week and gave us 205 points from the trade . If anyone would have taken  a short at our resistance of longs with a small SL then he would have got close to 355 points in the downmove . Nifty took support just 3 points below our last weekly short level and then bounced back nearly 180 points before closing

As have discussed many times this month Nifty either needs to close below 7982 to go down further or needs to close above 8338 to go up further . On Friday there was a good chance for Nifty to close below 7982 but it bounced back sharply towards the end . However it is the first close below 8100 in the last 21 sessions and also for this series . Those who followed the levels this week would have got atleast 285 points in Nifty.

In the coming week Nifty spot needs to break and sustain above 8168 to confirm uptrend and then one can expect a move till 8253 initially and breaking and sustaining above 8274 will give further confirmation for the next move which can take us till 8427. Similarly Nifty spot needs to break and sustain below 8009 to confirm downtrend and then one can expect a move till 7924 initially and breaking and sustaining below 7903 will give further confirmation for the next move which can take us till 7750.


Nifty Spot Levels for the week are

Long above 8138 , Tgt  8168 - 8193 - 8218

IF Nifty spot manages to get a close / sustain above 8253 then ,

long again for 8274 - 8347 - 8427

Short below 8039 , Tgt 8009 - 7984 - 7959

IF Nifty spot manages to get a close / sustain below 7924 then, 

short again for 7903 - 7830 - 7750



BANK NIFTY

This week Bank Nifty spot went up 211 points & went down 749.70 points over last weeks close and finally ended the week with a loss of 270 points compared to last weekly closing  

Last week we had mentioned that Bank Nifty Spot needs to break and sustain above 17869 to confirm uptrend and Bank Nifty spot needs to break and sustain below 17589 to confirm downtrend. Bank Nifty made a high of 17907.50 and a low of 16946.35 .

This week Bank Nifty triggered our long trade and completed just 1 target giving us 60 points only and also an indication that the upmove was lacking strength . Then Bank Nifty triggered our short trade and completed all 6 targets giving us around 626 points from the trade . Bank Nifty took support just 14 points below our last weekly target and bounced back nearly 500 points before closing . 

As have discussed many times this month Bank Nifty either needs to close below 17153 to go down further or needs to close above 18089 to go up further . On Friday there was a good chance for Bank Nifty  to close below 17153 but it bounced back sharply towards the end . However it is the second close below 17500 in the last 21 sessions and also for this series . The only difference being that this time even Nifty has closed below 8100. Those who followed the levels this week would have got atleast 685 points in Bank Nifty.

In the coming week Bank Nifty spot needs to break and sustain above 17642 to confirm uptrend and then one can expect a move till 17870 initially and breaking and sustaining above 17927 will give further confirmation of the next move which can take us till 18339 . Similarly Bank Nity needs to break and sustain below 17211 to confirm downtrend and then one can expect a move till 16983 initially and breaking and sustaining below 16925 will give further confirmation of the next move which can take us down till 16513.

Bank Nifty Spot Levels for the week are

Long above 17559 , Tgt 17642 - 17708 - 17775

IF Bank Nifty spot manages to get a close / sustain above 17870 then 

long again for 17927 - 18123 - 18339

Short below 17293 , Tgt 17211 - 17144 - 17077

IF Bank Nifty spot manages to get a close / sustain below 16983 then 

short again for 16925 - 16729 - 16513

This week could set the trend for the next big moves with a few important events lined up .

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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Disclaimer : These are my personal views and trades taken on them should be done with a strict trailing stop loss