nifty weekly forecast for 27 to 31 july 2015
Nifty spot on last closed at 8521 with loss. This week nifty closed with loss. This week nifty high was at 8654 while low was at 8498. Total 160 points week range and closed with loss. This was first weekly loss after last week strong gains.
On weekly chart, nifty price trend is bullish and still trading above major averages but momentum and indicators as well as price pattern is weak suggesting correction in upcoming weeks.
On weekly chart, 8430 is major averages support zone. On upside 8650 and 8840 are resistances of previous highs.
For next week, nifty support zones are 8430 and then 8360. These are target zones for next week as current price as well indicators suggesting correction ahead. On upside 8765 is strong resistance and target on reversal rally.
In panic situation expect deeper sell off up to 8260.
Nifty future traders keep short view or hold shorts with stop loss for targets 8430 to 8360. Option traders can use 8600 put options for buying and accumulation on decline with strict stop loss in place.
Bank nifty weekly forecast for 27 to 31 july 2015
Bank nifty spot on last trading session closed at 18635 with more than 1% loss. This week banknifty closed with loss. This week banknifty hit high around 19149 while low was near 18600. Total 600 points weekly range and closed with loss. This was first losing week for banknifty after last week’s gain.
On weekly chart, banknifty spot price trend is bullish and trading above major average of 18500. On upside 19250 and 20400 are strong resistances on weekly chart. But weekly price and indicators patterns are bearish and corrective one.
For next week, banknifty spot support zones are 18225 and then 17800 while on upside 18660 and then 19400 are strong resistances.
Banknifty traders keep sell on rise view for next week. On downside 18225 and then 17800 are target zones. On upside 19200 is stop loss or major supply zone. Option traders can use 19800 put options for buying and accumulation for next week.