Nifty spot met 2 targets on upside for this week as per the previous weekly outlook and it would now need to sustain above 7976 for testing 8051 and above that 8166 levels.
NIFTY
Nifty spot has closed the week at 7942.70 after making a weekly low at 7812.65 , with nearly a 86 points gain over last week's close .We had mentioned to go short below 7810 for the week which was saved by 2 points. Nifty spot completed 2 targets on upside for this week as mentioned in our outlook last week , now it would be interesting to see if it can follow up on the upmove this week by crossing 7980 and attempt to touch 8050 and above .
In the coming week Nifty spot needs to give a consecutive close above 7975 to confirm uptrend and then one can expect a move till 8040 initially and above that till 8165 . Similarly a consecutive close below 7910 can make Nifty test lower levels till 7845 initially and below that till 7720
Nifty Spot Levels for the week are
Long above 7976, Tgt 7996 - 8012 - 8040
IF Nifty spot manages to get 2 consecutive close above 8052 then ,
long again for 8065 - 8113 - 8166
Short below 7910 , Tgt 7890 - 7874 - 7845
IF Nifty spot manages to get 2 consecutive close below 7834 then,
short again for 7820 - 7772 - 7720
BANK NIFTY
Last week we had mentioned to go long in Bank Nifty spot above 17098 for a target of 17347 spot and all targets have been met for the week. We had mentioned to go short below 16940 which was saved for the week.
Bank Nifty spot finally managed to get a close at 17370.95 which is the highest close for the month of November 2015 . It closed at 17354.40 on 01st November and after that was unable to close above it the entire series as it was facing selling pressure at these levels . We still need to break above 17450 and sustain for further upmove.
In the coming week Bank Nifty spot needs to give a consecutive close above 17098 to confirm uptrend and then one can expect a move till 17182 initially and above that till 17345 . Similarly a consecutive close below 17010 can make Bank Nifty test lower levels till 16925 initially and below that till 16765
Bank Nifty spot finally managed to get a close at 17370.95 which is the highest close for the month of November 2015 . It closed at 17354.40 on 01st November and after that was unable to close above it the entire series as it was facing selling pressure at these levels . We still need to break above 17450 and sustain for further upmove.
In the coming week Bank Nifty spot needs to give a consecutive close above 17098 to confirm uptrend and then one can expect a move till 17182 initially and above that till 17345 . Similarly a consecutive close below 17010 can make Bank Nifty test lower levels till 16925 initially and below that till 16765
Bank Nifty Levels for the week are
Long above 17495 , Tgt 17571 - 17635 - 17740
IF Bank Nifty spot manages to get 2 consecutive close above 17785 then
long again for 17835 - 18020 - 18220
Short below 17245 , Tgt - 17170 - 17105 - 17045
IF Bank Nifty spot manages to get 2 consecutive close below 16955 then
short again 16905 - 16725 - 16525
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Disclaimer : These are my personal views and trades taken on them should be done with a strict Stop loss .
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