NIFTY
This week Nifty spot went up nearly 246 points over last weeks close and finally ended the week with a gain of 230 points compared to last weekly closing
Last week we had mentioned that long positions in Nifty can be taken above 7037 and Nifty went up till 7226.85 and completed our initial 3 targets . Those who would have followed the levels would have got nearly 170 points . We were expecting higher levels on closing and sustaining above 7191 and Nifty has closed at 7210.75 . We are now entering the expiry week for Feb series and some volatility can be expected this week.
In the coming week Nifty spot needs to break and sustain above 7332 to confirm uptrend and then one can expect a move till 7443 initially and breaking and sustaining above 7492 will give further confirmation for the next move which can take us till 7724 . Similarly Nifty spot need to break and sustain below 7089 to confirm downtrend and then one can expect a move till 6988 initially and breaking and sustaining below 6929 will give further confirmation for the next move which can take us till 6698.
Nifty Spot Levels for the week are
Long above 7286 , Tgt 7332- 7369 - 7443
IF Nifty spot manages to get a close or sustain above 7460 then ,
long again for 7492 - 7603 - 7724
Short below 7135 , Tgt 7089 - 7052 - 6988
IF Nifty spot manages to get a close or sustain below 6941 then,
short again for 6929 - 6819 - 6698
BANK NIFTY
This week Bank Nifty spot went up nearly 630 points over last weeks close and finally ended the week with a gain of 370 points compared to last weekly closing
Last week we had mentioned that long positions in Bank Nifty can be taken above 14246 and Bank Nifty went up till 14602.25 and completed 2 targets . Those who would have followed the levels would have got nearly 350 points . Bank Nifty could not perform well due to average and lower than expected quarterly results of PSU banks . Bank Nifty needs to perform next week for Nifty to break and sustain above 7241 and test 7300. Bank Nifty needs to break and sustain above 14415 spot this week to test higher levels.
In the coming week Bank Nifty spot needs to break and sustain above 14520 to confirm uptrend and then one can expect a move till 14868 initially and breaking and sustaining above 15006 will give further confirmation of the next move which can take us till 15550 . Similarly sustaining or closing below 14059 can make Bank Nifty test lower levels till 13820 initially and breaking and sustaining below 13682 will give further confirmation of the next move which can take us down till 13138 .
Bank Nifty Spot Levels for the week are
Long above 14520 , Tgt 14629 - 14717 - 14868
IF Bank Nifty spot manages to get a close or sustain above 14930 then
long again for 15006 - 15266 - 15550
Short below 14168 , Tgt 14059 - 13971 - 13820
IF Bank Nifty spot manages to get a close or sustain below 13758 then
short again for 13682 - 13423 - 13138
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 .
We are entering the expiry week for Feb Series and our expected levels are
Nifty Expiry
Upper Level 7369
Lower Level 7053
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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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