So, it is weekend again and we are here to analyze the last week’s trades and next weeks profit-making trades. Now, next week is not a normal week. Tuesday is Vallentine’s Day, so next week is Vallentine Week. Everyone is looking for some bucks to make so that he can present his Vallentine some precious gift.
Nifty next week
In the last week, there was no much movement in the Nifty index and it almost hovered in the same area confined within 110 points range whole week. For Nifty there is no much technical change either and the BUY ON DIPS strategy should still be on. Sellers need to check them till a clear sell signal emerges. Those who have read my last weekend’s post here at What Should Be The Trading Strategy For Nifty At 8750? know that I have never recommended to short sell Nifty. I have given a short term target of 9150 in Nifty, I don’t know when my target will hit, but slowly and surely Nifty will reach 9150.
Bank Nifty next week
The Bank Nifty index has a clear trading strategy in Vallentine Week. Last Friday Bank Nifty has made an inside day with the narrowest range of last 4 trading days. So any break out above Friday’s low will trigger a long trade with a stop below Friday’s low for a target of 20550-20575. On the other hand, a break below Friday’s low can trigger a risky but valid short sell trade with a stop above Friday’s high for a target of 19925-19900.
Check the Percent R indicator is retesting the overbought zone[/caption]
Extreme stock for Monday
The ICICIBANK stock was rising constantly in the last few days and have corrected a bit on Friday. Check the image above, it looks like a retest of the indicators from the overbought zone. The stock can be bought with a tight stop for a short term bounce.