Nifty this week closed with gain at 8564. This week nifty hit low around 8448 while high was at 8606. Total 170 points weekly range and closed with gain. This was second week of gains for nifty. In these 2 weeks we seen almost 300 points rally from bottom. On weekly chart, nifty price trend and momentum both are bullish. 8450 is major averages support zone and remain as reentry zone on correction.
For next week, nifty support are 8450 and 8410 and stop loss must remain below them for short to medium term long position. On upside 8700 and 8760 are target zones for next week. Future traders can buy near 8400-8450 on correction with stop loss for target 8700-8760. While option traders can use nifty 8400 call options for buying and accumulation on correction with stop loss.
Banknifty spot this week closed at 18893 with gain. After last week’s dip we seen sharp recovery in banknifty on fresh buying as well as short covering. On weekly chart, banknifty price trend and momentum is bullish. On downside 18550 is major average support zone.
For next week, banknifty spot has support at 18550 and then 18260 while on upside 19390 and then 19580 are strong resistances. Traders must keep buy on dips view with strict stop loss.
For future traders 19400 to 19600 are target zones with stop loss below 18550 while option traders can use banknifty 18500 call options for buying and accumulation on correction.