Nifty weekly trading strategy and outlook for 6 to 10 july 2015
Nifty spot on Friday closed at 8484 with gain. On daily chart, nifty spot price trend and momentum is bullish. Nifty is trading above short term averages with strong buying momentum and bullish divergences on daily chart indicators.
Nifty averages support are 8340 and 8300 on downside which are 3 and 1 month moving averages levels. Daily chart indicators are bullish but overbought. Above 8340 on closing basis expect upside target for nifty.
This week nifty closed with gain. This was third weekly gain for this index. This week nifty hit high around 8500 while low was at 8195. Total 300 points week range and recovery and trend breakout on weekly chart. 8400 is important level on weekly chart.
For next week, if rally continues expect nifty target at 8580 and above. 8260 is major levels support. Below it expect trend change for nifty. Volatility will remain high.
BankNifty weekly trading strategy and outlook for 6 to 10 july 2015
Banknifty spot closed at 18585 with gain. For banknifty also this was third gaining week. This week banknifty hit high around 18642 while low was at 17821. Total 800 points week range and this week closing for index. We have seen price and volume breakout on weekly chart in this week. So medium to long term trend for banknifty also now bullish and expect higher top and bottom cycle.
On upside, 19k is target levels to watch. On downside, 18100 is major support and above it keep buy on dips view for banknifty.
Daily chart indicators are bullish but overbought so that is sign of worry for short term traders. Expect high volatility on news flow.