NIFTY
This week Nifty spot went up 103 points over last weeks close and finally ended the week with a gain of 94 points compared to last weekly closing
Last week we had mentioned that long positions in Nifty can be taken above 7568 and short positions can be taken below 7453 . Nifty went down till 7405.15 completing 1 target on the short side and then went up till 7613.60 completing 1 target on the long side giving just 50 points on each trades . It took 9 sessions for Nifty to cross 7600 spot after breaking above 7500 . Nifty traded in a small range the entire week. We are approaching the top for this current up move and one should watch the resistance levels closely for signs of reversal. As mentioned in our last week view Nifty will have to break and sustain above 7604 spot to go up further and Nifty has closed bang on 7604 . Nifty has a lot of resistance between 7600 - 7700 spot .
In the coming week Nifty spot needs to break and sustain above 7653 to confirm uptrend and then one can expect a move till 7704 initially and breaking and sustaining above 7717 will give further confirmation for the next move which can take us till 7810 . Similarly Nifty spot needs to break and sustain below 7556 to confirm downtrend and then one can expect a move till 7505 initially and breaking and sustaining below 7492 will give further confirmation for the next move which can take us till 7399.
Nifty Spot Levels for the week are
Long above 7634 , Tgt 7653 - 7668 - 7693
IF Nifty spot manages to get a close or sustain above 7704 then ,
long again for 7717 - 7761 - 7810
Short below 7574 , Tgt 7556 - 7541 - 7515
IF Nifty spot manages to get a close or sustain below 7505 then,
short again for 7492 - 7448 - 7399
BANK NIFTY
This week Bank Nifty spot went up 537 points over last weeks close and finally ended the week with a gain of 487 points compared to last weekly closing
Last week we had mentioned that long positions in Bank Nifty can be taken above 15334 and short positions can be taken below 15003 spot . Bank Nifty gave a long trade and completed all our initial targets giving us nearly 371 points from our trade . We were expecting some resistance near 15719 this week and Bank Nifty took some resistance near 15705 which was achieved on Thursday . So yesterday inspite of Nifty breaking 7600 spot and making a new high for the month , Bank Nifty did not make a new high again above 15705 . We are approaching the top for this current up move and one should watch the resistance levels closely for signs of reversal.
In the coming week Bank Nifty spot needs to break and sustain above 15779 to confirm uptrend and then one can expect a move till 15910 initially and breaking and sustaining above 15944 will give further confirmation of the next move which can take us till 16182 . Similarly sustaining or closing below 15530 can make Bank Nifty test lower levels till 15400 initially and breaking and sustaining below 15366 will give further confirmation of the next move which can take us down till 15128 .
Bank Nifty Spot Levels for the week are
Long above 15732 , Tgt 15779 - 15818 - 15883
IF Bank Nifty spot manages to get a close or sustain above 15911 then
long again for 15944 - 16057 - 16182
Short below 15578 , Tgt 15530 - 15492 - 15426
IF Bank Nifty spot manages to get a close or sustain below 15399 then
short again for 15366- 15252 - 15128
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 .
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