NIFTY
This week Nifty spot went up 268 points & went down 49 points from last weeks close and finally ended the week with a gain of 240 points compared to last weekly closing.
Last week we had mentioned that Nifty Spot needs to break and sustain above 8168 to confirm uptrend and Nifty spot needs to break and sustain below 8009 to confirm downtrend. Nifty made a high of 8356.75 and a low of 8039.35 for the week.
This week Nifty triggered our long trade and completed all our initial 3 target and sustained / closed above our trigger to stay long and completed 2 more targets thereby completing 5 targets giving us 219 points from the long trade .
For last month ( June series ) we had mentioned that ' Nifty either needs to close below 7982 to go down further or needs to close above 8338 to go up further' but we could not get a close below or above our level the entire month . On a month on month closing Nifty has just closed above May closing by 128 points . On Friday we saw Nifty break above 8338 and also give a close at 8328 way above 8300 . For this month we need Nifty spot to close above 8454 to go up further or we need Nifty spot to close below 8122 to go down further
In the coming week Nifty spot needs to break and sustain above 8407 to confirm uptrend and then one can expect a move till 8456 initially and breaking and sustaining above 8511 will give further confirmation for the next move which can take us till 8662. Similarly Nifty spot needs to break and sustain below 8250 to confirm downtrend and then one can expect a move till 8201 initially and breaking and sustaining below 8145 will give further confirmation for the next move which can take us till 7995.
Nifty Spot Levels for the week are
Long above 8377 , Tgt 8407 - 8431 - 8456
IF Nifty spot manages to get a close / sustain above 8490 then ,
long again for 8511 - 8583 - 8662
Short below 8280 , Tgt 8250 - 8225 - 8201
IF Nifty spot manages to get a close / sustain below 8166 then,
short again for 8145 - 8074 - 7995
BANK NIFTY
This week Bank Nifty spot went up 649 points & went down 80 points over last weeks close and finally ended the week with a gain of 560 points compared to last weekly closing
Last week we had mentioned that Bank Nifty Spot needs to break and sustain above 17642 to confirm uptrend and Bank Nifty spot needs to break and sustain below 17211 to confirm downtrend. Bank Nifty made a high of 18074.95 and a low of 17346.30 .
This week Bank Nifty triggered our long trade and completed all our initial 3 targets and sustained / closed above our trigger to stay long and completed nearly 2 more targets thereby giving us 490 points from the long trade .
For last month ( June series ) we had mentioned that ' Bank Nifty either needs to close below 17153 to go down further or needs to close above 18089 to go up further' but we could not get a close below or above our level the entire month . On a month on month closing Bank Nifty has just closed above May closing by 315 points . On Friday we saw Bank Nifty break above 18000 but fell short of breaking 18089 levels mentioned last month and also give a close at 17986 just below 18000 . For this month we need Bank Nifty spot to close above 18371 to go up further or we need Bank Nifty spot to close below 17500 to go down further
In the coming week Bank Nifty spot needs to break and sustain above 18197 to confirm uptrend and then one can expect a move till 18420 initially and breaking and sustaining above 18476 will give further confirmation of the next move which can take us till 18879 . Similarly Bank Nity spot needs to break and sustain below 17775 to confirm downtrend and then one can expect a move till 17552 initially and breaking and sustaining below 17495 will give further confirmation of the next move which can take us down till 17092.
Bank Nifty Spot Levels for the week are
Long above 18116 , Tgt 18197 - 18262 - 18327
IF Bank Nifty spot manages to get a close / sustain above 18420 then
long again for 18476 - 18668 - 18879
Short below 17855 , Tgt 17775 - 17710 - 17644
IF Bank Nifty spot manages to get a close / sustain below 17552 then
short again for 17495 - 17303 - 17092
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 .
If you want to see the post in your Inbox , kindly register by adding your email id in the 'Subscribe to my posts' section on the top right side of the blog.
Disclaimer : These are my personal views and trades taken on them should be done with a strict trailing stop loss
No comments:
Post a Comment