Wishing everyone a profitable 2016 ... Stay Blessed
Nifty spot went up nearly 111 points over last weeks close and finally ended this week with a gain of 102 points over last weeks close
Last week we had mentioned that if Nifty breaks 7897 spot level one can initiate long positions and Nifty made a weekly high of 7972.55 . Those who would have initiated the trade would have been rewarded with nearly 75 points as Nifty completed our initial 3 targets on the long side . We got a weekly close above 7960 spot with more than a 100 points gain over last weeks close raising hopes of testing 8000 next week . Nifty did not even once in the whole week break below the previous weeks close of 7861.05 showing good strength . Nifty has to now close above 7981 to test higher levels upto 8100
In the coming week Nifty spot needs to break and sustain above 8009 to confirm uptrend and then one can expect a move till 8046 initially and a close above 8068 can take us till 8156 . Similarly breaking and sustaining below 7918 can make Nifty test lower levels till 7880 initially and a close below 7858 can take us till 7772 .
Nifty Spot Levels for the week are
Long above 7991 , Tgt 8008 - 8022 - 8046
IF Nifty spot manages to get a close or sustain above 8056 then ,
long again for 8068 - 8110 - 8155
Short below 7935 , Tgt 7918 - 7904 - 7880
IF Nifty spot manages to get a close or sustain below 7870 then,
short again for 7858 - 7817 - 7772
Bank Nifty gained nearly 255 points this week once it broke and sustained above our weekly long level of 16890 and finally closed this week with a gain of 228 points over last weeks close.
Last week we had mentioned that if Bank Nifty breaks above 16890 spot one can initiate longs and those who would have initiated the trade would have been rewarded with nearly 175 points as Bank Nifty made a high of 17067.45 completing all 3 initial targets on the long side. Bank Nifty gave a good weekly close of 17039.25 , closing above 17000 again after 19 trading days. Bank Nifty did not even once in the whole week break below the previous weeks close of 16811 showing good strength . Bank Nifty now has to close above 17081 levels to test upto 17300 - 17500
In the coming week Bank Nifty spot needs to break and sustain above 17110 to confirm uptrend and then one can expect a move till 17245 initially and a close above 17270 can take us till 17500 . Similarly sustaining or closing below 16970 can make Bank Nifty test lower levels till 16835 initially and a close below 16809 can take us till 16565.
Bank Nifty Spot Levels for the week are
Long above 17110 , Tgt 17151 - 17186 - 17245
IF Bank Nifty spot manages to get a close or sustain above 17270 then
long again for 17300 - 17401 - 17510
Short below 16970 , Tgt 16927 - 16893 - 16834
IF Bank Nifty spot manages to get a close or sustain below 16809 then
short again for 16779 - 16677 - 16565
P.S. Always wait for the highlighted levels to be crossed after taking a long/short position for confirmation of the trade .If it does not cross the highlighted levels then book profit or move SL to cost.
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Disclaimer : These are my personal views and trades taken on them should be done with a strict Stop loss .