Weekly Spot Outlook of Nifty & Bank Nifty for 20th to 24th June

NIFTY

This week Nifty spot went up 43 points & went down 106 points from last weeks close and finally ended the week with a gain  of 0.15 points giving a flat close compared to last weekly closing. 

Last week we had mentioned that Nifty Spot needs to break and sustain above 8208 to confirm uptrend and Nifty spot needs to break and sustain below 8132 to confirm downtrend. Nifty made a high of 8213.20 and low of 8063.90 for the week. Nifty triggered our short trade and completed 4 targets giving us 65 points from the trade . Nifty also triggered our long trade once but immediately reversed after confirming it taking our TSL of 15 points . For nearly the entire week Nifty traded majorly within 8064 - 8208 . Nifty came close to testing 8050 on 3 occasions this week but has taken support from near it . As discussed previously too Nifty has support between 8050 - 7982 and one can look to add shorts on consecutive closing below 7982. 

In the coming week Nifty spot needs to break and sustain above 8227 to confirm uptrend and then one can expect a move till 8287 initially and breaking and sustaining above 8302 will give further confirmation for the next move which can take us till 8411. Similarly Nifty spot needs to break and sustain below 8113 to confirm downtrend and then one can expect a move till 8053 initially and breaking and sustaining below 8038 will give further confirmation for the next move which can take us till 7930.

Nifty Spot Levels for the week are

Long above 8205 , Tgt  8227 - 8244 - 8262

IF Nifty spot manages to get a close / sustain above 8287 then ,

long again for 8302 - 8354 - 8411

Short below 8135 , Tgt 8113 - 8096 - 8078

IF Nifty spot manages to get a close / sustain below 8053 then, 

short again for 8038 - 7987 - 7930

BANK NIFTY

This week Bank Nifty spot went down 301 points & went up 115 points over last weeks close and finally ended the week with a loss of 132 points compared to last weekly closing  

Last week we had mentioned that Bank Nifty Spot needs to break and sustain above 17963 to confirm uptrend and Bank Nifty spot needs to break and sustain below 17694 to confirm downtrend. Bank Nifty made a high of 17943.65 and a low of 17527.55  . Bank Nifty triggered our short trade and completed 3 targets giving around 150 points and took support just above 17517 which was level to stay short for further correction . For the entire week Bank Nifty traded between 17528 - 17944. Currently Bank Nifty has support near 17520 and resistance near 18100 levels and breaking of either can trigger the next move.

In the coming week Bank Nifty spot needs to break and sustain above 17869 to confirm uptrend and then one can expect a move till 18052 initially and breaking and sustaining above 18098 will give further confirmation of the next move which can take us till 18429 . Similarly Bank Nity needs to break and sustain below 17523 to confirm downtrend and then one can expect a move till 17340 initially and breaking and sustaining below 17294 will give further confirmation of the next move which can take us down till 16963.

Bank Nifty Spot Levels for the week are

Long above 17803 , Tgt 17869 - 17923 - 17976

IF Bank Nifty spot manages to get a close / sustain above 18052 then 

long again for 18098 - 18256 - 18429

Short below 17589 , Tgt 17523 - 17470 - 17416

IF Bank Nifty spot manages to get a close / sustain below 17340 then 

short again for 17294 - 17136 - 16963

This week could set the trend for the next big moves with a few important events lined up .

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 my initial previous posts of 2015 kindly go to :-

 https://simplytradestocks.wordpress.com