Sunday 6 March 2016

Weekly Outlook for 08th March to 11th March

NIFTY

This week Nifty spot went up 476 points over last weeks close and finally ended the week with a gain of 455 points compared to last weekly closing 

Last week we had mentioned that long positions in Nifty can be taken above 7077 and Nifty went up till 7505.90 and completed all our targets and went up much more. Those who would have followed the levels would have got nearly 275 points and more. On 29th Feb we had triggered a short call and had nearly done 4 targets getting nearly 150 points and then our trailing stop loss got hit at 6853 . We were expecting a volatile start to the week and we saw a lot of it and we also saw quite a few gap ups after a long time. Nifty has given such a strong up move after many months . One should exercise caution once Nifty nears or reaches 7558 - 7590 spot . We can expect some correction from these levels . Nifty will have to break and sustain above 7604 spot to go up further.

In the coming week Nifty spot needs to break and sustain above 7604 to confirm uptrend and then one can expect a move till 7728 initially and breaking and sustaining above 7761 will give further confirmation for the next move which can take us till 7987 . Similarly Nifty spot need to break and sustain below 7367 to confirm downtrend and then one can expect a move till 7242 initially and breaking and sustaining below 7210 will give further confirmation for the next move which can take us till 6984.


Nifty Spot Levels for the week are

Long above 7559 , Tgt  7604 - 7640 - 7703

IF Nifty spot manages to get a close or sustain above 7729 then ,

long again for 7761 - 7868 - 7987

Short below 7412 , Tgt 7367 - 7330 - 7268

IF Nifty spot manages to get a close or sustain below 7242 then, 

short again for 7210 - 7102 - 6984



BANK NIFTY

This week Bank Nifty spot went up nearly 1660 points over last weeks close and finally ended the week with a gain of 1548 points compared to last weekly closing  

Last week we had mentioned that long positions in Bank Nifty can be taken above 13916 and Bank Nifty went up till 15451 and completed all our targets and went up much more . Those who would have followed the levels would have got nearly 725 points and more.On 29th Feb we had triggered a long call did 3 targets got 200 points and then hit our trailing stop loss . Then we went ahead and triggered our short and did 2 targets and got our trailing stop loss triggered . We were expecting a lot of volatility on Budget day and we saw a lot of it before market took a clear direction for the week.

In the coming week Bank Nifty spot needs to break and sustain above 15688 to confirm uptrend and then one can expect a move till 16057 initially and breaking and sustaining above 16150 will give further confirmation of the next move which can take us till 16815 . Similarly sustaining or closing below 14990 can make Bank Nifty test lower levels till 14621 initially and breaking and sustaining below 14528 will give further confirmation of the next move which can take us down till 13862 .

Bank Nifty Spot Levels for the week are

Long above 15555 , Tgt 15688 - 15796 - 15980

IF Bank Nifty spot manages to get a close or sustain above 16057 then 

long again for 16150 - 16468 - 16817

Short below 15124 , Tgt 14990 - 14883 - 14698

IF Bank Nifty spot manages to get a close or sustain below 14621 then 

short again for 14528 - 14210 - 13862


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 all our previous posts kindly go to  https://simplytradestocks.wordpress.com

Disclaimer : These are my personal views and trades taken on them should be done with a strict Stop loss .

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