Sunday, 17 July 2016

Weekly Spot Outlook of Nifty & Bank Nifty for 18th to 22nd July

NIFTY

This week Nifty spot went up 272 points from last weeks close and finally ended the week with a gain of 218 points compared to last weekly closing. 

Last week we had mentioned that Nifty Spot needs to break and sustain above 8362 to confirm uptrend and Nifty spot needs to break and sustain below 8285 to confirm downtrend. Nifty made a high of 8594.80 and a low of 8407.85 for the week

This week  Nifty triggered our long trade and the low it made was also above our initial 3rd target given for the week . Nifty then confirmed our next targets on crossing above our confirmation level of 8412 mentioned last week for further uptrend . This week Nifty even achieved our next 3 targets and also completed our monthly 3 initial targets by crossing 8556 . Had mentioned in the previous weekly post that 'In this week we can expect a big move after this consolidation' .Had also mentioned 'For this month we need Nifty spot to give a consecutive close above 8454 to go up further.'  Even those who would entered longs above 8412 would have got more than 100 - 150 this week .We are now near a strong resistance level of 8629 as per our monthly levels too and one should watch out for a consecutive close above this level for more immediate upside as we may see a small correction atleast till near 8400 levels before moving up further .

For this month we need Nifty spot to give a consecutive close above 8454 to go up further or we need Nifty spot to give a consecutive close below 8122 to go down further . Looking at the strong upmove , now we can expect good support near 8415 - 8385 levels incase of a correction which may come from near 8600 - 8630 levels .  

In the coming week Nifty spot needs to break and sustain above 8595 to confirm uptrend and then one can expect a move till 8652 initially and breaking and sustaining above 8666 will give further confirmation for the next move which can take us up till 8769. Similarly Nifty spot needs to break and sustain below 8488 to confirm downtrend and then one can expect a move till 8431 initially and breaking and sustaining below 8417 will give further confirmation for the next move which can take us down till 8314.


Nifty Spot Levels for the week are

Long above 8575 , Tgt  8595 - 8612 - 8628

IF Nifty spot manages to get a close / sustain above 8652 then ,

long again for 8666 - 8715 - 8769

Short below 8508 , Tgt 8488 - 8471 - 8455

IF Nifty spot manages to get a close / sustain below 8431 then, 

short again for 8417 - 8368 - 8314



BANK NIFTY

This week Bank Nifty spot went up 1000 points over last weeks close and finally ended the week with a gain of 937 points compared to last weekly closing  

Last week we had mentioned that Bank Nifty Spot needs to break and sustain above 18114 to confirm uptrend and Bank Nifty spot needs to break and sustain below 17918 to confirm downtrend. Bank Nifty made a high of 19016.10 and a low of 18243.40 .

This week Bank Nifty triggered our long trade and the low it made was also above our initial 3rd target given for the week . Bank Nifty then confirmed our next targets on crossing above our confirmation level of 18244 mentioned last week for further uptrend . Coincidentally 18243.40 was also the low for the week . This week Bank Nifty even achieved our next 3 targets and also completed our monthly 3 initial targets by crossing 18640 . Bank Nifty has also just closed above 18946 which is our monthly confirmation levle for further upmove . A consecutive close above this on Monday should be watched for next direction .Had mentioned in the previous weekly post that 'In this week we can expect a big move after this consolidation' .Had also mentioned 'For this month we need Bank Nifty spot to give a consecutive close above 18371 to go up further.' Even those who would entered longs above 18244 would have got more than 500 - 600 this week .We are now near a strong resistance level of 19155 as per our levels too and one should watch out for a consecutive close above this level for more immediate upside as we may see a small correction atleast till near 18600 - 18400 levels before moving up further .

For this month we need Bank Nifty spot to give a consecutive close above 18371 to go up further or we need Bank Nifty spot to give a consecutive close below 17500 to go down further. Looking at the strong upmove , now we can expect good support near 18640 - 18450 levels incase of a correction which may come from near 19286 - 19329 levels .

In the coming week Bank Nifty spot needs to break and sustain above 19115 to confirm uptrend and then one can expect a move till 19286 initially and breaking and sustaining above 19330 will give further confirmation of the next move which can take us till 19638 . Similarly Bank Nity spot needs to break and sustain below 18792 to confirm downtrend and then one can expect a move till 18621 initially and breaking and sustaining below 18578 will give further confirmation of the next move which can take us down till 18269.

Bank Nifty Spot Levels for the week are

Long above 19054 , Tgt 19115 - 19165 - 19215

IF Bank Nifty spot manages to get a close / sustain above 19286 then 

long again for 19330 - 19477 - 19638

Short below 18854 , Tgt 18792 - 18742 - 18692

IF Bank Nifty spot manages to get a close / sustain below 18621 then 

short again for 18578 - 18431 - 18269


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