NIFTY
This week Nifty spot went up 74 points over last weeks close and finally ended the week with a loss of around 51 points compared to last weekly closing
Last week we had mentioned that Nifty Spot needs to break and sustain above 8288 to confirm uptrend and Nifty spot needs to break and sustain below 8154 to confirm downtrend. Nifty made a high of 8294.95 and low of 8162.85 for the week. For nearly the entire week Nifty traded majorly within 8288 - 8154 hardly giving any good trades positionally . The only trade available was to short Nifty with a SL of 8359 once it did not sustain above 8288 on 8th Jun again as per our last weeks outlook . Since the inception of Bank Nifty weekly options there has been a good divergence visible in the moves of Nifty and Bank Nifty causing confusion to traders as there is no sync in the moves between the indexes now.
In the coming week Nifty spot needs to break and sustain above 8208 to confirm uptrend and then one can expect a move till 8248 initially and breaking and sustaining above 8258 will give further confirmation for the next move which can take us till 8331. Similarly Nifty spot needs to break and sustain below 8132 to confirm downtrend and then one can expect a move till 8092 initially and breaking and sustaining below 8082 will give further confirmation for the next move which can take us till 8009.
Nifty Spot Levels for the week are
Long above 8194 , Tgt 8208 - 8220 - 8232
IF Nifty spot manages to get a close / sustain above 8248 then ,
long again for 8258 - 8293 - 8331
Short below 8147 , Tgt 8132 - 8120 - 8109
IF Nifty spot manages to get a close / sustain below 8092 then,
short again for 8082 - 8047 - 8009
BANK NIFTY
This week Bank Nifty spot went up 371 points over last weeks close and finally ended the week with a gain of 148 points compared to last weekly closing
Last week we had mentioned that Bank Nifty Spot needs to break and sustain above 17889 to confirm uptrend and Bank Nifty spot needs to break and sustain below 17472 to confirm downtrend. Bank Nifty made a high of 18051.50 and a low of 17636.90 .From 17636.90 Bank Nifty went up to trigger our long call and completed the initial 3 targets before reversing from near our level to continue long of 18109 . Those who would have entered the long trade would have got nearly 200+ points.
In the coming week Bank Nifty spot needs to break and sustain above 17963 to confirm uptrend and then one can expect a move till 18105 initially and breaking and sustaining above 18140 will give further confirmation of the next move which can take us till 18397 . Similarly Bank Nity needs to break and sustain below 17694 to confirm downtrend and then one can expect a move till 17553 initially and breaking and sustaining below 17517 will give further confirmation of the next move which can take us down till 17261.
Bank Nifty Spot Levels for the week are
Long above 17911 , Tgt 17963 - 18004 - 18046
IF Bank Nifty spot manages to get a close / sustain above 18105 then
long again for 18140 - 18263 - 18397
Short below 17746 , Tgt 17694 - 17653 - 17612
IF Bank Nifty spot manages to get a close / sustain below 17553 then
short again for 17517 - 17395 - 17261
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
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