NIFTY :-nifty spot index this week closed with heavy losses at 5553.this nifty index made high at 5754 while low was 5534.total 200+ points week volatility and breakdown below 12 month level. on weekly chart,nifty closed below 12 month level of 5620 with decisive move and big volume suggesting correction is still on and in next week below 5620 on closing basis expect target at 5450.below 5450 next major target will be 5200 which is 2/3 correction of this bull run from 4800 to 6000 level.nifty medium term trend is down and follow sell on rise strategy here. for nifty index this is 4 th straight losing week and in this period we seen 450 points drop in this index.on downside 5450 is 2 years level level and on upside 5620 is 12 month and then 5750 si 6 month level level.  this week nifty shown resilience after opening above 12 month level but political crisis and global tension disturbing investors mood.5450 is major level to watch if close below that then long term downward cycle will trigger and may be 4800-4500 level will open for 2013-2014. short term traders can hold shorts with trailing closing basis stoploss just above 5620 and expect 5450 and then 5200 as downside target.or buy and accumulate in nifty 5300 may-june put options with stoploss to minimize exposure.

BANK NIFTY :- bank nifty spot index this week closed at 11098 with heavy loss.this week bank nifty index made high at 11590 while low was 11021.in this week we seen 550 points volatility and breakdown below 12 month level level. on weekly chart,bank nifty index closed below 12 month level of 11330 while trading way below 6 month level of 11725 now these are strong resistances.on downside 10770 is 2 years level and last support of this bull market.this rally started from 8000 level in jan 2012 and hit high of 13k in 2013.if we calculate 2/3 correction here then target comes around 9700.this may be possible deep downside target.  for next week below 11350 stoploss level hold short view and follow sell on rise strategy and expect 10800 to 10500 as target levels.or accumulate in bank nifty 11000 put options of next expiry.