Friday, 29 April 2016

Nifty & Bank Nifty Outlook for 29th April

Nifty spot opened at 7967.40 made a high at 7992 , then went down till 7834.45 before closing at 7847.25 . We had mentioned that long positions can be taken above 8002 and short positions can be taken below 7958 for the day .Today Nifty triggered a short trade and completed all our targets today giving around 70 points and those who would have used trailing stoploss would have got around 100 points .Nifty had just closed just above our range of 7772 - 7978 yesterday at 7979.90 and is still within that range . As mentioned yesterday  'Those who are holding longs should keep 7834 spot closing as stoploss for their positions'  and Nifty made a low of 7834.45 and has closed just above it . It could be taken out at opening tomorrow on weak global cues as bank nifty has already triggerd our closing stoploss for longs.

For today Nifty spot has resistance on the upside near 7862 - 7873 , sustaining above 7892 is required to test 7921 - 7936 levels . Similarly Nifty spot has support on the downside near 7832 - 7821 , breaking and sustaining below 7803 we can test 7774 - 7759 levels.

Nifty Spot Levels for the day are

Long above 7877 for 7895 - 7916 - 7972 , SL 7856

Short below 7818 for 7800 - 7779 - 7723 , SL 7838

BANK NIFTY


Bank Nifty spot opened at 16885.80 , made a high of 17023.35 and went down till 16692.70 before closing at 16716.90. We had mentioned long positions can be taken above 16941 and short positions can be taken below 16805 for the day.  Bank Nifty triggered a long trade at opening and did nearly 2 targets giving around 80 points and then got stopped out and went on to trigger a short trade and completed 2 targets giving around 100 points . Had mentioned yesterday that 'Bank Nifty has given a consecutive close above 16772 and we might see a retest of 17030 in the next 2 days mostly'. and today we saw it getting tested nearly . Today Bank Nifty has triggered the closing stoploss for longs which was at 16750 whereas Nifty has just about managed to hold on to its stoploss for longs. 

Bank Nifty Spot Levels for the day are

Long above 16792 for 16838 – 16890 – 17033 , SL 16740

Short below 16642 for 16596 – 16543 – 16401 , SL 16694

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 trailing stop loss

Wednesday, 27 April 2016

Nifty & Bank Nifty Spot Outlook for 28th April

Nifty spot opened at 7942  made a low at 7940.55 , then went up till 7991 before closing at 7979.90 . We had mentioned that long positions can be taken above 7987 and short positions can be taken below 7938 for the day .Today Nifty traded within our buying and selling range the whole and triggered a long call towards the end but did not complete any targets today . As mentioned yesterday Nifty has been consolidating between 7772 - 7978 for the past 6 trading sessions and breaking and sustaining beyond this range should be watched for the next decisive move . Today we got a close just above this range . Those who are holding longs should keep 7834 spot closing as stoploss for their positions . 

For today Nifty spot has resistance on the upside near 7995 - 8006 , sustaining above 8025 is required to test 8055 - 8069 levels . Similarly Nifty spot has support on the downside near 7965 - 7954 , breaking and sustaining below 7935 we can test 7906 - 7891 levels.

Nifty Spot Levels for the day are

Long above 8002 for 8016 - 8031 - 8073 , SL 7986

Short below 7958 for 7944 - 7929 - 7886 , SL 7973

Tomorrow being the expiry day for April Series , the following is expiry levels expected
Upper Level - 8048
Lower Level - 7912
 


BANK NIFTY


Bank Nifty spot opened at 16869.35, made a low of 16827.35 and went up till 16995 before closing at 16872.95. We had mentioned long positions can be taken above 17063 and short positions can be taken below 16942 for the day.  Bank Nifty triggered a short trade at opening and completed 2 targets but only a few would have been able to trade it . Bank Nifty has given a consecutive close above 16772 and we might see a retest of 17030 in the next 2 days mostly.  As mentioned yesterday Now those who are holding longs should keep 16750 closing as their stoploss .

Bank Nifty Spot Levels for the day are

Long above 16941 for 16982 – 17030 – 17159 , SL 16894

Short below 16805 for 16764 – 16716 – 16587 , SL 16852

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 trailing stop loss

Tuesday, 26 April 2016

Nifty & Bank Nifty Spot Outlook for 27th April

Nifty spot opened at 7828.15, made a low at 7822.55 , then went up till 7974.50 before closing at 7962.65 . We had mentioned that long positions can be taken above 7878 and short positions can be taken below 7832 for the day .Today Nifty triggered a trade on the short side at opening but did not sustain and triggered our SL and then moved up and triggered our long call and completed all our targets giving around 90 points . As mentioned yesterday Nifty has been consolidating between 7772 - 7978 for the past 6 trading sessions and breaking and sustaining beyond this range should be watched for the next decisive move . Today also we saw Nifty stay within this range . Those who are holding longs should keep 7834 spot closing as stoploss for their positions . Those who are holding shorts should keep 7964 spot close as their stoploss.

For today Nifty spot has resistance on the upside near 7978 - 7989 , sustaining above 8007 is required to test 8037 - 8052 levels . Similarly Nifty spot has support on the downside near 7948 - 7937 , breaking and sustaining below 7918 we can test 7888 - 7874 levels.

Nifty Spot Levels for the day are

Long above 7987 for 8002 - 8019 - 8065 , SL 7970

Short below 7938 for 7924 - 7907 - 7860 , SL 7955 


BANK NIFTY


Bank Nifty spot opened at 16647.75, made a low of 16572 and went up till 17029.85 before closing at 17002.55. We had mentioned long positions can be taken above 16736 and short positions can be taken below 16622 for the day.  Bank Nifty triggered a short trade after opening and then triggered our SL , it then moved up to trigger our long call and completed all  our targets and also closed above it giving nearly 270 points . As mentioned yesterday 'Bank Nifty has been consolidating between 16012 - 16770 for the past 6 trading sessions and breaking and sustaining beyong this range should be watched for the next decisive move' and today we saw that once it broke above the range it moved another 250 points in that direction. We had mentioned yesterday 'Those who are holding longs should keep 16540 spot closing as stoploss for their positions . Those who are holding shorts should keep 16867 spot close as their stoploss.' Today shorts got stopped out . Now those who are holding longs should keep 16750 closing as their stoploss .

Bank Nifty Spot Levels for the day are

Long above 17063 for 17101 – 17144 – 17259 , SL 17021

Short below 16942 for 16904 – 16862 – 16746 , SL 16984

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 trailing stop loss

Monday, 25 April 2016

Nifty & Bank Nifty Spot Outlook for 26th April

Nifty spot opened at 7894.80, made a high at 7911 , then went down till 7827 before closing at 7855.05 . We had mentioned that long positions can be taken above 7924 and short positions can be taken below 7875 for the day .Today Nifty triggered a trade on the short side and completed more than 2 targets on the short side giving around 45 points . Nifty has been consolidating between 7772 - 7978 for the past 6 trading sessions and breaking and sustaining beyond this range should be watched for the next decisive move. Those who are holding longs should keep 7834 spot closing as stoploss for their positions .  Those who are holding shorts should keep 7964 spot close as their stoploss.

For today Nifty spot has resistance on the upside near 7870 - 7881 , sustaining above 7899 is required to test 7929 - 7944 levels . Similarly Nifty spot has support on the downside near 7840 - 7829 , breaking and sustaining below 7811 we can test 7781 - 7767 levels.

Nifty Spot Levels for the day are

Long above 7878 for 7892 - 7908 - 7951

Short below 7832 for 7818 - 7802 - 7759


BANK NIFTY


Bank Nifty spot opened at 16746.95, made a high of 16767.90 and went down till 16605 before closing at 16678.65 . We had mentioned long positions can be taken above 16765 and short positions can be taken below 16642 for the day.  Bank Nifty triggered a long trade momentarily but immediately reveresed and then triggered our short trade and completed just 1 target on the short side. Bank Nifty has been consolidating between 16012 - 16770 for the past 6 trading sessions and breaking and sustaining beyong this range should be watched for the next decisive move .Those who are holding longs should keep 16540 spot closing as stoploss for their positions . Those who are holding shorts should keep 16867 spot close as their stoploss.

Bank Nifty Spot Levels for the day are

Long above 16736 for 16771 – 16811 – 16920

Short below 16622 for 16587 – 16546 – 16438

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 trailing stop loss

Sunday, 24 April 2016

Nifty and Bank Nifty Spot Outlook for 25th April

Nifty spot opened at 7891.80, made a high at 7923.35 , then went down till 7873.35 before closing at 7899.30 . We had mentioned that long positions can be taken above 7936 and short positions can be taken below 7888 for the day .Today Nifty triggered a trade on the short side and completed 1 target on the short side giving just around 15 points . Nifty has been consolidating between 7843 - 7978 the entire week and breaking and sustaining beyond this range should be watched this week for a decisive move  Those who are holding longs should keep 7834 spot closing as stoploss for their positions .  Those who are holding shorts should keep 7964 spot close as their stoploss.

For today Nifty spot has resistance on the upside near 7914 - 7925 , sustaining above 7944 is required to test 7974 - 7988 levels . Similarly Nifty spot has support on the downside near 7884 - 7873 , breaking and sustaining below 7855 we can test 7825 - 7811 levels.

Nifty Spot Levels for the day are

Long above 7924 for 7939 - 7956 - 8003

Short below 7875 for 7860 - 7843 - 7796


BANK NIFTY


Bank Nifty spot opened at 16641.05, made a low of 16549.10 and went up till 16755.85 before closing at 16703.40 . We had mentioned long positions can be taken above 16702 and short positions can be taken below 16572 for the day.  Bank Nifty triggered a short trade and then triggered the stoploss without completing any target . It then went on to trigger out long call and completed 1 target on the long side giving around 50 points . Today Bank moved with a bit of uncertainity on direction .  Those who are holding longs should keep 16540 spot closing as stoploss for their positions . Those who are holding shorts should keep 16867 spot close as their stoploss.

Bank Nifty Spot Levels for the day are

Long above 16765 for 16803 – 16847 – 16965

Short below 16642 for 16603 – 16560 – 16442

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 trailing stop loss

Weekly Outlook for 25th to 29th April

NIFTY

This week Nifty spot went up 128 points over last weeks close and finally ended the week with a gain of around 49 points compared to last weekly closing 

Last week we had mentioned that long positions in Nifty can be taken above 7905 and short positions can be taken below 7796 . Nifty made a high of 7978.45 and low of 7842.75 for the week. This week Nifty triggered a long call on Monday and completed 2 targets on the long side in a truncated week giving us nearly 60 points from our long trade . Last week we had mentioned that Nifty is now approaching a good resistance range of 7883 - 7938 spot and breaking and sustaining above this range is required this week for further upmove else we may see a small correction taking place from around these levels. We saw Nifty break this range thrice but could not get a close above it .

In the coming week Nifty spot needs to break and sustain above 7964 to confirm uptrend and then one can expect a move till 8032 initially and breaking and sustaining above 8050 will give further confirmation for the next move which can take us till 8173 . Similarly Nifty spot needs to break and sustain below 7835 to confirm downtrend and then one can expect a move till 7766 initially and breaking and sustaining below 7749 will give further confirmation for the next move which can take us till 7626.


Nifty Spot Levels for the week are

Long above 7939 , Tgt  7964 - 7984 - 8018

IF Nifty spot manages to get a close or sustain above 8032 then ,

long again for 8049 - 8108 - 8173

Short below 7859 , Tgt 7835 - 7815 - 7781

IF Nifty spot manages to get a close or sustain below 7766 then, 

short again for 7749 - 7690 - 7626



BANK NIFTY

This week Bank Nifty spot went up 491 points over last weeks close and finally ended the week with a gain of 425 points compared to last weekly closing  

Last week we had mentioned that long positions in Bank Nifty can be taken above 16427 and short positions can be taken below 16130 spot . Bank Nifty made a high of 16769.55 and a low of 16011.90 . This week Bank Nifty triggered a short call on Monday and completed 1 target on the short side giving just 100 points before triggering the trailing stop loss and then triggered a long call on Thursday and completed all 3 initial targets on the long side giving nearly 300 points and took resistance just below our next trigger level of 16772 . We had mentioned in our weekly outlook previously the fall we had seen post RBI policy was not because of the policy but because of the global markets . Bank Nifty for this week has good resistance in the range of 16850 - 16870 spot and breaking and sustaining above this range is required for further upmove and testing of 17050 - 17150 else we may see a small correction taking place from around these levels.


In the coming week Bank Nifty spot needs to break and sustain above 16867 to confirm uptrend and then one can expect a move till 17040 initially and breaking and sustaining above 17085 will give further confirmation of the next move which can take us till 17396 . Similarly sustaining or closing below 16540 can make Bank Nifty test lower levels till 16367 initially and breaking and sustaining below 16323 will give further confirmation of the next move which can take us down till 16011 .

Bank Nifty Spot Levels for the week are

Long above 16804 , Tgt 16867 - 16917 - 17004

IF Bank Nifty spot manages to get a close or sustain above 17040 then 

long again for 17085 - 17232 - 17396

Short below 16602 , Tgt 16540 - 16489 - 16403

IF Bank Nifty spot manages to get a close or sustain below 16367 then 

short again for 16323 - 16174 - 16011


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

Thursday, 21 April 2016

Nifty & Bank Nifty Spot Outlook for 22nd April

Nifty spot opened at 7953.65, made a high at 7978.45. , then went down till 7884.10 before closing flat at 7912.05 . We had mentioned that long positions can be taken above 7948 and short positions can be taken below 7881 for the day .Today Nifty triggered a trade on the long side and completed 1 target on the long side giving around 20 points . Nifty took support intraday just above our levels to go short. Yesterdays move in Nifty had indicated indecisiveness and today it has not shown any clear direction either . Those who are holding longs should keep 7772 spot closing as stoploss for their positions . We now need Nifty spot to break and sustain above 7993 spot to test 8035-8055 , which should happen tomorrow else we may see a slight reversal . Those who are looking at shorting should keep 8032 spot close as their stoploss.

For today Nifty spot has resistance on the upside near 7927 - 7938 , sustaining above 7957 is required to test 7986 - 8001 levels . Similarly Nifty spot has support on the downside near 7897 - 7886 , breaking and sustaining below 7868 we can test 7838 - 7823 levels.

Nifty Spot Levels for the day are

Long above 7936 for 7951 - 7968 - 8013

Short below 7888 for 7873 - 7857 - 7811


BANK NIFTY


Bank Nifty spot opened at 16526.55 which was also its low of the day and went up till 16769.55 before closing at 16637.15. We had mentioned long positions can be taken above 16442 and short positions can be taken below 16257 for the day.  Bank Nifty triggered a long trade and completed all targets on the long side giving around 200 points . Today Bank Nifty totally outperformed Nifty. There was some catching up due in Bank Nifty on our monthly moves for Bank Nifty to get in sync with Nifty which has been done today . Those who are holding longs should keep 16035 spot closing as stoploss for their positions . We now need Bank Nifty spot to break and sustain above 16845 spot to test 17050 - 17150 , which should happen tomorrow else we may see a slight reversal . Those who are looking at shorting should keep 16940 spot close as their stoploss.

Bank Nifty Spot Levels for the day are

Long above 16702 for 16743 – 16789 – 16913

Short below 16572 for 16532 – 16486 – 16360

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 trailing stop loss

Wednesday, 20 April 2016

Nifty & Bank Nifty Spot Outlook for 21st April

Nifty spot opened at 7950.05, made a high at 7950. , then went down till 7877.55 before closing flat at 7914.75 . We had mentioned that long positions can be taken above 7948 and short positions can be taken below 7881 for the day .Today Nifty triggered a trade on both sides by a couple of points but reversed immediately indicating indecisiveness on further direction. As mentioned previously now those who are holding longs should keep 7763 spot closing as stoploss for their positions . We are expecting some resistance near 7883 - 7938 spot and one should watch the levels closely for any signs of reversal .

For today Nifty spot has resistance on the upside near 7930 - 7941 , sustaining above 7959 is required to test 7989 - 8004 levels . Similarly Nifty spot has support on the downside near 7900 - 7889 , breaking and sustaining below 7870 we can test 7841 - 7826 levels.

Nifty Spot Levels for the day are

Long above 7948 for 7969 - 7993 - 8057

Short below 7881 for 7860 - 7837 - 7773


BANK NIFTY


Bank Nifty spot opened at 16299.50 ,made a low of 16160.55 , went up till 16386.35 before closing at 16349.70. We had mentioned long positions can be taken above 16313 and short positions can be taken below 16132 for the day.  Bank Nifty triggered a long trade and completed 1 target on the long side giving around 70 points . Today Bank Nifty mildly outperformed Nifty. We had mentioned in our previous post  "We are expecting additional resistance near 16157 spot and sustaining above it should be watched for further gains." As mentioned in our previous post now those who are holding longs should keep 16035 spot closing as stop loss for their positions. We are expecting some resistance near 16427 - 16576 spot and one should watch these levels closely for any signs of reversal.

Bank Nifty Spot Levels for the day are

Long above 16442 for 16499 – 16565 – 16742

Short below 16257 for 16200 – 16134 – 15958

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

Nifty & Bank Nifty Spot Outlook for 20th April

Nifty spot opened at 7908.15, made a low at 7842.75 , then went up till 7920.60 before closing at 7914.70 . We had mentioned that long positions can be taken above 7884 and short positions can be taken below 7817 for the day .Today Nifty triggered a trade on the long side and completed nearly 2 targets on the long side and those who would have taken the trade would have gained around 35 points . Today was a turn date on Nifty and we expecting a reversal intraday which came from the low of the day .As mentioned previously now those who are holding longs should keep 7763 spot closing as stoploss for their positions . We are expecting some resistance near 7883 - 7938 spot and one should watch the levels closely for any signs of reversal .

For today Nifty spot has resistance on the upside near 7930 - 7941 , sustaining above 7959 is required to test 7989 - 8004 levels . Similarly Nifty spot has support on the downside near 7900 - 7889 , breaking and sustaining below 7870 we can test 7841 - 7826 levels.

Nifty Spot Levels for the day are

Long above 7948 for 7969 - 7993 - 8057

Short below 7881 for 7860 - 7837 - 7773


BANK NIFTY


Bank Nifty spot opened at 16328.70 ,made a low of 16011.90 , went up till 16330.55 before closing at 16222.70. We had mentioned long positions can be taken above 16369 and short positions can be taken below 16188 for the day.  Bank Nifty triggered a short trade and completed 2 targets on the short side giving nearly 150+ points . We had mentioned in our previous post  "We are expecting additional resistance near 16157 spot and sustaining above it should be watched for further gains." As mentioned in our previous post now those who are holding longs should keep 16035 spot closing as stop loss for their positions. We are expecting some resistance near 16427 - 16576 spot and one should watch these levels closely for any signs of reversal.

Bank Nifty Spot Levels for the day are

Long above 16313 for 16369 – 16434 – 16607

Short below 16132 for 16076 – 16012 – 15839

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

Friday, 15 April 2016

Nifty & Bank Nifty Spot Outlook for 18th April

Nifty spot opened at 7777.15, made a low at 7772.20 , then went up till 7864.80 before closing at 7850.45 . We had mentioned that long positions can be taken above 7737 and short positions can be taken below 7681 for the day .Today Nifty triggered a trade on the long side and completed all out targets on the long side and those who would have taken the trade at opening would have gained around 80 points . Today Nifty played out the gann date as expected and once it broke above 7777 it did not test it even once intraday . Now those who are holding longs should keep 7763 spot closing as stoploss for their positions now. We have a gann turn date on 17th now (+/- 1 day ) and since it is a trading holiday we can expect it to play out on Monday . We are expecting some resistance near 7883 - 7938 spot and one should watch the levels closely for any signs of reversal .

For today Nifty spot has resistance on the upside near 7865 - 7876 , sustaining above 7895 is required to test 7924 - 7939 levels . Similarly Nifty spot has support on the downside near 7836 - 7825 , breaking and sustaining below 7806 we can test 7777 - 7762 levels.

Nifty Spot Levels for the day are

Long above 7884 for 7904 - 7928 - 7975

Short below 7817 for 7797 - 7773 - 7726


BANK NIFTY


Bank Nifty spot opened at 16087.95 ,made a low of 16080.55 , went up till 16349.70 before closing at 16278.55. We had mentioned long positions can be taken above 15953 and short positions can be taken below 15808 for the day.  Bank Nifty triggered a long trade and completed all our targets on the long side giving nearly 250+ points if traded with TSL . We had mentioned in our previous post  "We are expecting additional resistance near 16157 spot and sustaining above it should be watched for further gains." and Bank Nifty gave a spike of nearly 200 points once it sustained above 16157 spot.  Now those who are holding longs should keep 16035 spot closing as stop loss for their positions. We have a gann turn date on 17th (+/- 1 day ) and since it is a trading holiday we can expect it to play out on Monday . We are expecting some resistance near 16427 - 16576 spot and one should watch these levels closely for any signs of reversal.

Bank Nifty Spot Levels for the day are

Long above 16369 for 16425 – 16489 – 16662

Short below 16188 for 16132 – 16068 – 15895

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

Thursday, 14 April 2016

Weekly Outlook for 18th to 22nd April

NIFTY

This week Nifty spot went up 310 points over last weeks close and finally ended the week with a gain of around 295 points compared to last weekly closing 

Last week we had mentioned that long positions in Nifty can be taken above 7601 and short positions can be taken below 7509 . Nifty made a high of 7864.80 and low of 7516.85 for the week. This week Nifty triggered a long call on Monday and completed nearly all 6 targets on the long side in a truncated week giving us nearly 265 points from our long trade . Last week we had mentioned that Nifty inspite of breaking below 7546 had not closed below it to confirm further correction . Nifty is now approaching a good resistance range of 7883 - 7938 spot and breaking and sustaining above this range is required this week for further upmove else we may see a small correction taking place from around these levels.

In the coming week Nifty spot needs to break and sustain above 7938 to confirm uptrend and then one can expect a move till 8031 initially and breaking and sustaining above 8055 will give further confirmation for the next move which can take us till 8223 . Similarly Nifty spot needs to break and sustain below 7763 to confirm downtrend and then one can expect a move till 7670 initially and breaking and sustaining below 7646 will give further confirmation for the next move which can take us till 7478.


Nifty Spot Levels for the week are

Long above 7905 , Tgt  7938 - 7966 - 8012

IF Nifty spot manages to get a close or sustain above 8031 then ,

long again for 8055 - 8135 - 8223

Short below 7796 , Tgt 7763 - 7735 - 7689

IF Nifty spot manages to get a close or sustain below 7670 then, 

short again for 7646 - 7566 - 7478



BANK NIFTY

This week Bank Nifty spot went up 781 points over last weeks close and finally ended the week with a gain of 710 points compared to last weekly closing  

Last week we had mentioned that long positions in Bank Nifty can be taken above 15710 and short positions can be taken below 15426 spot . Bank Nifty made a high of 16349.70 and a low of 15440.25 . This week Bank Nifty triggered a long call on Monday and completed more than 5 targets on the long side in a truncated week giving us nearly 640 points from our long trade. We had mentioned last week that the fall we had seen post RBI policy was not because of the policy but because of the global markets . Bank Nifty is now approaching good resistance range of 16427 - 16576 spot and breaking and sustaining above this range is required this week for further upmove else we may see a small correction taking place from around these levels.


In the coming week Bank Nifty spot needs to break and sustain above 16518 to confirm uptrend and then one can expect a move till 16772 initially and breaking and sustaining above 16836 will give further confirmation of the next move which can take us till 17295 . Similarly sustaining or closing below 16039 can make Bank Nifty test lower levels till 15785 initially and breaking and sustaining below 15721 will give further confirmation of the next move which can take us down till 15263 .

Bank Nifty Spot Levels for the week are

Long above 16427 , Tgt 16518 - 16593 - 16719

IF Bank Nifty spot manages to get a close or sustain above 16772 then 

long again for 16836 - 17055 - 17295

Short below 16130 , Tgt 16039 - 15965 - 15838

IF Bank Nifty spot manages to get a close or sustain below 15785 then 

short again for 15721 - 15502 - 15263


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