This is a truncated expiry week for November with a trading holiday on Wednesday so good amount of action can be witnessed this week . Bank Nifty spot has been taking resistance between 17300 - 17450 zone and has been unable to cross it till now in the month of November and it would interesting to see if it can do it in the last week of November . Nifty would need participation from Bank Nifty to move and sustain above 7966 else we can expect selling coming in once again
Nifty has closed the week at 7856.55 after making a weekly low at 7714.15 , with nearly a 94 points gain over last week's close . Nifty spot completed all initital targets on upside for this week as mentioned in our outlook last week , now it would be interesting to see if it can follow up on the upmove this week and attempt to touch 7980 .
As mentioned in the last weekly outlook " 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 7901 to confirm uptrend and then one can expect a move till 7988 initially and above that till 8158 . Similarly a consecutive close below 7810 can make Nifty test lower levels till 7726 initially and below that till 7556
Nifty Spot Levels for the week are
Long above 7901, Tgt 7928 - 7950 - 7972
IF Nifty spot manages to get 2 consecutive close above 8005 then ,
long again for 8022 - 8087 - 8158
Short below 7810 , Tgt 7785 - 7763 - 7741
IF Nifty spot manages to get 2 consecutive close below 7710 then,
short again for 7691 - 7626 - 7555
Bank Nifty spot has closed the week at 17055.60 after making a weekly high of 17302.55 at the start of the week, and closed with nearly a 123 point gain over last week. Bank Nifty spot has been trading weaker than the Nifty last week.
In the coming week Bank Nifty spot needs to give a consecutive close above 17098 to confirm uptrend and then one can expect a move till 17182 initially and above that till 17345 . Similarly a consecutive close below 17010 can make Bank Nifty test lower levels till 16925 initially and below that till 16765
Bank Nifty Levels for the week are
Long above 17098 , Tgt 17125 - 17146 - 17168
IF Bank Nifty spot manages to get 2 consecutive close above 17198 then
long again for 17216 - 17279 - 17347
Short below 17010 , Tgt - 16985 - 16965 - 16940
IF Bank Nifty spot manages to get 2 consecutive close below 16910 then
short again 16895 - 16835 - 16765
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Disclaimer : These are my personal views and trades taken on them should be done with a strict Stop loss .