In the last weekly outlook posted on 24th Oct for the expiry week , had mentioned caution on longs and profit booking in Nifty in the range of 8330 - 8360 & Bank Nifty in the range of 18055 - 18130. Nifty made high of 8341.95 and has retraced till 7730.90 & Bank Nifty made a high of 18029.05 and has retraced till 16587.
Nifty has closed the week at 7762.25 after making a low at 7730.90 , with nearly a 192 points loss over last week's close . Nifty spot has managed to below 7770 after 43 trading sessions
Nifty is now at a crucial support zone of 7730 , if closes below this then 7540 can be tested . Holding 7730 and closing above 7795 we can expect a bounce till 7980 .
In the coming week Nifty spot needs to give a consecutive close above 7795 to confirm uptrend and then one can expect a move till 7845 initially and above that till 7980 . Similarly a close below 7730 can make Bank Nifty test lower levels till 7670 initially and below that till 7550
Nifty Spot Levels for the week are
Long above 7793 , Tgt 7812 - 7827 - 7843
IF Nifty spot manages to get 2 consecutive close above 7865 then ,
long again for 7878 - 7923 - 7973
Short below 7730 , Tgt 7712 - 7697 - 7681
IF Nifty spot manages to get 2 consecutive close below 7660 then,
short again for 7646 - 7601 - 7552
Bank Nifty spot has closed the week at 16932.85 after making a low of 16587 at the start of the week, and closed with nearly a 153 point loss over last week. Bank Nifty spot has been trading stronger than the Nifty last week.
In the coming week Bank Nifty spot needs to give a consecutive close above 17000 to confirm uptrend and then one can expect a move till 17150 initially and above that till 17380 . Similarly a consecutive close below 16860 can make Bank Nifty test lower levels till 16725 initially and below that till 16475
Bank Nifty Levels for the week are
Long above 17000 , Tgt 17040 - 17075 - 17110
IF Bank Nifty spot manages to get 2 consecutive close above 17155 then
long again for 17180 - 17280 - 17385
Short below 16860 , Tgt - 16825 - 16790 - 16760
IF Bank Nifty spot manages to get 2 consecutive close below 16710 then
short again 16685 - 16590 - 16480
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Disclaimer : These are my personal views and trades taken on them should be done with a strict Stop loss .