Saturday, 9 July 2016

Weekly Spot Outlook of Nifty & Bank Nifty for 11th to 15th July

NIFTY

This week Nifty spot went up 70 points & went down 41 points from last weeks close and finally ended the week with a loss of 5 points compared to last weekly closing. 

Last week we had mentioned that Nifty Spot needs to break and sustain above 8407 to confirm uptrend and Nifty spot needs to break and sustain below 8250 to confirm downtrend. Nifty made a high of 8398.45 and a low of 8287.55 for the week

This week though Nifty triggered our long trade but it could not confirm it by crossing above our confirmation level of 8407 mentioned last week for uptrend . This week Nifty moved between our long and short trigger levels and in a narrow range . In this week we can expect a big move after this consolidation . There is also a small possibility that we may trigger both sides and achieve some targets this week . The low made this week was close to the June month closing of 8287.75 and one should watch for breaking and sustaining below this level for further correction . 

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 . We are still not able to get a consecutive close above 8338 which was our level mentioned for the month of June for further upmove . Though it appears we are in an uptrend we cannot rule out a correction till 8250 - 8190 .  

In the coming week Nifty spot needs to break and sustain above 8362 to confirm uptrend and then one can expect a move till 8402 initially and breaking and sustaining above 8412 will give further confirmation for the next move which can take us till 8485. Similarly Nifty spot needs to break and sustain below 8285 to confirm downtrend and then one can expect a move till 8244 initially and breaking and sustaining below 8234 will give further confirmation for the next move which can take us till 8161.


Nifty Spot Levels for the week are

Long above 8347 , Tgt  8362 - 8373 - 8385

IF Nifty spot manages to get a close / sustain above 8402 then ,

long again for 8412 - 8447 - 8485

Short below 8300 , Tgt 8285 - 8273 - 8261

IF Nifty spot manages to get a close / sustain below 8244 then, 

short again for 8234 - 8199 - 8161



BANK NIFTY

This week Bank Nifty spot went up 161 points & went down 75 points over last weeks close and finally ended the week with a gain of 31 points compared to last weekly closing  

Last week we had mentioned that Bank Nifty Spot needs to break and sustain above 18197 to confirm uptrend and Bank Nifty spot needs to break and sustain below 17775 to confirm downtrend. Bank Nifty made a high of 18146.55 and a low of 17910.90 .

This week though Bank Nifty triggered our long trade but it could not confirm it by crossing above our confirmation level of 18197 mentioned last week for uptrend .This week Bank Nifty moved between our long and short trigger levels and in a very narrow range. In this week we can expect a big move after this consolidation . There is also a small possibility that we may trigger both sides and achieve some targets this week . 

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. We are still not able to get a consecutive close above 18089 which was our level mentioned for the month of June for further upmove . Though it appears we are in an uptrend we cannot rule out a correction till 17835 - 17700 .

In the coming week Bank Nifty spot needs to break and sustain above 18114 to confirm uptrend and then one can expect a move till 18218 initially and breaking and sustaining above 18244 will give further confirmation of the next move which can take us till 18431 . Similarly Bank Nity spot needs to break and sustain below 17918 to confirm downtrend and then one can expect a move till 17815 initially and breaking and sustaining below 17789 will give further confirmation of the next move which can take us down till 17602.

Bank Nifty Spot Levels for the week are

Long above 18077 , Tgt 18114 - 18144 - 18175

IF Bank Nifty spot manages to get a close / sustain above 18218 then 

long again for 18244 - 18333 - 18431

Short below 17956 , Tgt 17918 - 17888 - 17858

IF Bank Nifty spot manages to get a close / sustain below 17815 then 

short again for 17789 - 17699 - 17602


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