NIFTY
This week Nifty spot went down nearly 630 points over last weeks close and finally ended the week with a loss of 518 points compared to last weekly closing
Last week we had mentioned that Nifty can be shorted below 7453 and Nifty went down till 6869 and completed all our targets and fell further by nearly 300 points . Those who would have followed the levels would have got more than 270 points on the short side . Nifty broke the support near 7120 and sustaining below it fell vertically . Now Nifty has immediate support near 6835 - 6760 next week which should be watched closely as sustaining below 6760 we can go further down .
In the coming week Nifty spot needs to break and sustain above 7071 to confirm uptrend and then one can expect a move till 7166 initially and breaking and sustaining above 7191 will give further confirmation for the next move which can take us till 7364 . Similarly Nifty spot need to break and sustain below 6890 to confirm downtrend and then one can expect a move till 6795 initially and breaking and sustaining below 6770 will give further confirmation for the next move which can take us till 6598.
Nifty Spot Levels for the week are
Long above 7037 , Tgt 7071 - 7099 - 7147
IF Nifty spot manages to get a close or sustain above 7167 then ,
long again for 7191 - 7273 - 7364
Short below 6925 , Tgt 6890 - 6863 - 6815
IF Nifty spot manages to get a close or sustain below 6795 then,
short again for 6770 - 6689 - 6598
BANK NIFTY
This week Bank Nifty spot went down nearly 1351 points over last weeks close and finally ended the week with a loss of 1191 points compared to last weekly closing
Last week we had mentioned that Bank Nifty can be shorted below 15051 and Bank Nifty went down till 13810.60 and completed all our targets and fell further by 595 points .Those who would have followed the levels would have got more than 650 points on the short side . Bank Nifty broke the support near 14400 and sustaining below it fell vertically. Now Bank Nifty has immediate support near 13528 - 13470 which should be watched closely as sustaining below these we can go further down .
In the coming week Bank Nifty spot needs to break and sustain above 14415 to confirm uptrend and then one can expect a move till 14885 initially and breaking and sustaining above 15005 will give further confirmation of the next move which can take us till 15850 . Similarly sustaining or closing below 13525 can make Bank Nifty test lower levels till 13055 initially and breaking and sustaining below 12940 will give further confirmation of the next move which can take us down till 12090 .
Bank Nifty Spot Levels for the week are
Long above 14246 , Tgt 14415 - 14555 - 14785
IF Bank Nifty spot manages to get a close or sustain above 14885 then
long again for 15005 - 15410 - 15850
Short below 13695 , Tgt 13528 - 13390 - 13155
IF Bank Nifty spot manages to get a close or sustain below 13055 then
short again for 12940 - 12535 - 12090
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 Stop loss .
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