NIFTY
This week Nifty spot went up 61 points over last weeks close and finally ended the week with a loss of just around 4 points compared to last weekly closing
Last week we had mentioned that long positions in Nifty can be taken above 7748 and short positions can be taken below 7685 . Nifty made a high of 7777.60 and low of 7582.25 for the week. Nifty initially completed 4 targets on the short side giving nearly 100 points and then completed 1 target on the long side giving just points . Nifty had tried to break above our weekly long trigger but was not able to sustain above it and similarly had initially broken below of short trigger and after completing 4 targets has reversed . It seems there may be some more upside left to this rally before a retracement takes place . As we have been mentioning 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 Nifty spot needs to break and sustain above 7785 to confirm uptrend and then one can expect a move till 7860 initially and breaking and sustaining above 7880 will give further confirmation for the next move which can take us till 8016 . Similarly Nifty spot needs to break and sustain below 7641 to confirm downtrend and then one can expect a move till 7566 initially and breaking and sustaining below 7546 will give further confirmation for the next move which can take us till 7410.
Nifty Spot Levels for the week are
Long above 7757 , Tgt 7785 - 7807 - 7845
IF Nifty spot manages to get a close or sustain above 7860 then ,
long again for 7880 - 7945 - 8016
Short below 7669 , Tgt 7641 - 7619 - 7581
IF Nifty spot manages to get a close or sustain below 7566 then,
short again for 7546 - 7481 - 7410
BANK NIFTY
This week Bank Nifty spot went up 395 points over last weeks close and finally ended the week with a gain of 287 points compared to last weekly closing
Last week we had mentioned that long positions in Bank Nifty can be taken above 15954 and short positions can be taken below 15822 spot . Bank Nifty made a high of 16282.75 and a low of 15522.20 . Bank Nifty initially gave a short trade and completed 5 targets on the short side giving nearly 300 points and then gave a long trade and completed 4 targets giving 325 points . We are approaching the top for this current up move and one should watch the resistance levels closely for signs of reversal. Bank Nifty has resistance in the range of 16560 - 16660 spot for this week and one should watch for a closing above this level to expect further upside . We have RBI policy on 05th April and Bank Nifty has been trending positive on expectations of a rate cut. One can expect the next directional move based on the outcome of 05th April.
In the coming week Bank Nifty spot needs to break and sustain above 16383 to confirm uptrend and then one can expect a move till 16604 initially and breaking and sustaining above 16660 will give further confirmation of the next move which can take us till 17057 . Similarly sustaining or closing below 15967 can make Bank Nifty test lower levels till 15746 initially and breaking and sustaining below 15691 will give further confirmation of the next move which can take us down till 15292 .
Bank Nifty Spot Levels for the week are
Long above 16304 , Tgt 16383 - 16448 - 16558
IF Bank Nifty spot manages to get a close or sustain above 16604 then
long again for 16660 - 16849 - 17057
Short below 16046 , Tgt 15967 - 15902 - 15792
IF Bank Nifty spot manages to get a close or sustain below 15746 then
short again for 15691 - 15501 - 15292
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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