Last week in our commentary – http://vtrender.com/nifty-weekly-view-spot-prices/ we made a case for Nifty to be a buy n dips and that it would move higher. The index hit a high of 8489 in Friday trade which is vwap of April series.
In the current week we are looking for a range bound move between 8510 and 8355 spot. Both these levels will be important for the trend in June.
Nifty Spot :
(Sell on rise upto 8510 sl of 8538 tgt 8370 -8355)
For the coming week we are watching the area around 8485- 85 spot for sellers and we feel that the market may find it difficult to auction above 8520 levels in the coming week.
In doing so we are advising a stop around 8538 levels for the week.
We feel that the market may give a dip to 8370 -8355 immediately from these levels provided our stop holds. However above our stop price we see the index moving to 8620/ 8640 levels immediately.
At this moment the expiry trade should be above 8355 spot levels
The next support below 8355 is at 8290 and 8210.
A break below 8355 negates all the upside momentum of the previous week .
BankNifty Spot :
(A close abv 18600 confirms last week’s bullishness/ 18220 weekly supp)
The Bank Nifty has support at 18220 during the week. We feel if 18220 is held again the BN may attempt to test the selling at 18580 spot levels.
For the week we see a range bound play in BankNifty between 18220 and 18580 spot.
We Foresee a drop to 18030 levels if 18220 is violated
And a a rise above 18600 should bring 18770 on the index immediately.