Saturday, 4 June 2016

Weekly Spot Outlook for Nifty & Bank Nifty for 06th to 10th June

NIFTY

This week Nifty spot went up 105 points over last weeks close and finally ended the week with a gain of around 64 points compared to last weekly closing 

Last week we had mentioned that Nifty Spot needs to break and sustain above 8243 to confirm uptrend and Nifty spot needs to break and sustain below 8070 to confirm downtrend. Nifty made a high of 8262 and low of 8134.30 for the week. From 8134.30 Nifty went up to trigger our long call and completed close to 2 targets. Those who would have entered the long trade would have got 50 points.  Nifty had given one more opportunity to take a long trade near 8135 with 8103 as SL . If anyone would have taken this trade with a SL would have got better points .

In the coming week Nifty spot needs to break and sustain above 8288 to confirm uptrend and then one can expect a move till 8359 initially and breaking and sustaining above 8377 will give further confirmation for the next move which can take us till 8505. Similarly Nifty spot needs to break and sustain below 8154 to confirm downtrend and then one can expect a move till 8083 initially and breaking and sustaining below 8065 will give further confirmation for the next move which can take us till 7936.


Nifty Spot Levels for the week are

Long above 8262 , Tgt  8288 - 8309 - 8329

IF Nifty spot manages to get a close / sustain above 8359 then ,

long again for 8377 - 8438 - 8505

Short below 8179 , Tgt 8154 - 8133 - 8112

IF Nifty spot manages to get a close / sustain below 8083 then, 

short again for 8065 - 8003 - 7936



BANK NIFTY

This week Bank Nifty spot went up 250 points over last weeks close and finally ended the week with a gain of 169 points compared to last weekly closing  

Last week we had mentioned that Bank Nifty Spot needs to break and sustain above 17740 to confirm uptrend and Bank Nifty spot needs to break and sustain below 17284 to confirm downtrend. Bank Nifty made a high of 17762.05 and a low of 17350.45  .From 17350.45 Bank Nifty went up to trigger our long call and completed just 1 target. Those who would have entered the long trade would have got nearly 100 points. Bank Nifty had given one more opportunity to take a long trade near 17350 with 17284 as SL . If anyone would have taken this trade with a SL would have got better points .

In the coming week Bank Nifty spot needs to break and sustain above 17889 to confirm uptrend and then one can expect a move till 18109 initially and breaking and sustaining above 18165 will give further confirmation of the next move which can take us till 18563 . Similarly sustaining or closing below 17472 can make Bank Nifty test lower levels till 17252 initially and breaking and sustaining below 17197 will give further confirmation of the next move which can take us down till 16799.

Bank Nifty Spot Levels for the week are

Long above 17809 , Tgt 17889 - 17953 - 18018

IF Bank Nifty spot manages to get a close / sustain above 18109 then 

long again for 18165 - 18355 - 18563

Short below 17552 , Tgt 17472 - 17408 - 17344

IF Bank Nifty spot manages to get a close / sustain below 17252 then 

short again for 17197 - 17007 - 16798


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