Weekly Outlook for 29th February to 04th March

NIFTY

This week Nifty spot went down nearly 249 points over last weeks close and finally ended the week with a loss of 181 points compared to last weekly closing 

Last week we had mentioned that short positions in Nifty can be taken below 7135 and Nifty went down till 6961.40 and completed our initial 3 targets . Those who would have followed the levels would have got nearly 174 points . We were expecting lower levels on closing and sustaining above 6941 and Nifty reversed from 6961 and has closed at 7029.75 . Monday we have the Budget being announced and one can expect a volatile start to this week.

In the coming week Nifty spot needs to break and sustain above 7106 to confirm uptrend and then one can expect a move till 7187 initially and breaking and sustaining above 7207 will give further confirmation for the next move which can take us till 7352 . Similarly Nifty spot need to break and sustain below 6954 to confirm downtrend and then one can expect a move till 6873 initially and breaking and sustaining below 6853 will give further confirmation for the next move which can take us till 6707.

Nifty Spot Levels for the week are

Long above 7077 , Tgt  7106 - 7129 - 7170

IF Nifty spot manages to get a close or sustain above 7187 then ,

long again for 7207 - 7276 - 7352

Short below 6983 , Tgt 6954 - 6930 - 6890

IF Nifty spot manages to get a close or sustain below 6873 then, 

short again for 6853 - 6783 - 6707

BANK NIFTY

This week Bank Nifty spot went down nearly 824 points over last weeks close and finally ended the week with a loss of 550 points compared to last weekly closing  

Last week we had mentioned that short positions in Bank Nifty can be taken below 14168 and Bank Nifty went down till 13519.90 and completed our initial 3 targets and then achieved nearly 2 more targets of the next level . Those who would have followed the levels would have got nearly 650 points . Bank Nifty has been under continuous pressure last week due to lower than expected quarterly results and higher than expected NPA's . Monday we have the Budget being announced and one can expect a volatile start to this week.

In the coming week Bank Nifty spot needs to break and sustain above 13992 to confirm uptrend and then one can expect a move till 14205 initially and breaking and sustaining above 14258 will give further confirmation of the next move which can take us till 14642 . Similarly sustaining or closing below 13590 can make Bank Nifty test lower levels till 13378 initially and breaking and sustaining below 13324 will give further confirmation of the next move which can take us down till 12940 .

Bank Nifty Spot Levels for the week are

Long above 13916 , Tgt 13992 - 14054 - 14161

IF Bank Nifty spot manages to get a close or sustain above 14205 then 

long again for 14258 - 14441 - 14642

Short below 13667 , Tgt 13590- 13528 - 13422

IF Bank Nifty spot manages to get a close or sustain below 13378 then 

short again for 13324 - 13141 - 12940

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 .

To view all our previous posts kindly go to  https://simplytradestocks.wordpress.com

Disclaimer : These are my personal views and trades taken on them should be done with a strict Stop loss .