Saturday, 20 July 2019

Weekly Spot Outlook Of Bank Nifty For 22nd to 26th Jul

BANK NIFTY

This week Bank Nifty spot went up by 198 points then went down by 895 points before finally ending the week with a loss of 831 points compared to last weekly closing.

As per levels given for the previous week Bank Nifty Spot needed to sustain and close above 30895 to confirm uptrend and Bank Nifty spot needed to sustain and close below 30310 to confirm downtrend for the week. Bank Nifty made a high of 30799.70 and made a low of 29705.75 for the week. 


Had mentioned in previous weekly post that Bank Nifty needs to sustain above 30895 to test 31205 - 31280 initially and above it further till 31550 - 31840 and Bank Nifty needs to sustain below 30310 to test 30000 - 29920 initially and below it further till 29655 - 29365 , and Bank Nifty triggered our weekly short trade and completed 700  points . 


For the coming week :

Those who are looking to enter fresh longs should wait for Bank Nifty to sustain / close above 30020 and then enter for a initial target of 30285 - 30355 and look to hold further only on sustaining or getting a close above 30355 for the next targets of 30580 - 30830. 

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Those who are looking to enter fresh short should wait for Bank Nifty to sustain / close below 29520 and then enter for a initial target of 29255 - 29185 and look to hold further only on sustaining or getting a close below 29185 for the next targets of 28960 - 28710.


For the month of July , longs will be confirmed in Bank Nifty with a consecutive close above 31510 for a initial target of 31935 - 32040 and sustaining / closing above it we can see a further move till 32410 - 32810 . Similarly Bank Nifty shorts will be confirmed with a consecutive close below 30700 for a initial target of 30275 - 30170 and sustaining / closing below it we can see a further move till 29800 - 29400.

Bank Nifty had confirmed our monthly shorts and nearly completed all our targets with a low of 29705.75 testing our last target zone of 29800 - 29400 . 




Now on the upside Bank Nifty has immediate resistance near 30020 - 30170 which it needs to strongly close above in the coming week on a bounce for longs . Staying below 29800 we can see a move towards 29600 - 29430 where it has its next strong support.


Bank Nifty Spot Levels for the week are

Long above 29925 , Tgt 30020 - 30100 - 30175

IF Bank Nifty spot manages to get a close / sustain above 30285 then 

long again for 30355 - 30580 - 30830

Short below 29615 , Tgt 29520 - 29440 - 29365

IF Bank Nifty spot manages to get a close / sustain below 29255 then 

short again for 29185 - 28960 - 28710



P.S. Always wait for the yellow highlighted levels to be crossed after taking a long/short position for confirmation of the trade . Once the highlighted levels are crossed and the next target is achieved move your Stoploss to the highlighted levels and continue trailing it further .

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Weekly Spot Outlook Of Nifty For 22nd to 26th Jul

NIFTY

This week Nifty went up by 154 points, then went down by 153 points before finally ending the week with a loss of 133 points compared to last weekly closing. 

As per levels given for the previous week Nifty Spot needed to sustain and close above 11650 to confirm uptrend and Nifty spot needed to sustain and close below 11455 to confirm downtrend for the week. Nifty made a high of 11706.45 and made a low of 11399.30


Had mentioned in previous weekly post that Nifty needs to sustain above 11650 to test 11755 - 11780 initially and closing above it can go further till 11865 - 11965 and Nifty needs to sustain below 11455 to test 11350 - 11325 initially and closing below it can go further till 11240 - 11140, and we saw Nifty initially triggering our weekly long trade and complete initial 3 targets before taking our TSL. Nifty then reveresed and in the last session for the week triggered our weekly short trade and again completed our initial 3 targets . 




For the coming week :

Those who are looking to enter fresh longs should wait for Nifty to sustain / close above 11500 and then enter for a initial target of 11585 - 11605 and look to hold further only on sustaining or getting a close above 11605 for the next targets of 11675 - 11755. 

&

Those who are looking to enter fresh short should wait for Nifty to sustain / close below 11340 and then enter for a initial target of 11255 - 11235 and look to hold further only on sustaining or getting a close below 11235 for the next targets of 11165 - 11085. 


For the month of July , longs will get confirmed in Nifty with a consecutive close above 11940 for a initial target of 12095 - 12135 and sustaining / closing above it we can see a further move till 12270 - 12420 .  Similarly shorts will get confirmed with a consecutive close below 11640 for  a initial target of 11480 - 11440 and sustaining / closing below it we can see a further move till 11305 - 11155 . 

Nifty had confirmed our monthly shorts and also completed our initial targets with a low of 11461 and given a small bounce back before making a new low for the month in the previous session of 11399.30 . Now staying below 11440 we can see a move towards our next targets of 11305 - 11155 with a small support in between near 11340 . 



Now on the downside Nifty has immediate support near 11340 - 11305 and it needs to hold this levels on closing basis for a bounce and breaking strongly below it we can see a test of 11255 - 11155 . 


Nifty Spot Levels for the week are

Long above 11470 , Tgt  11500 - 11525 - 11545

IF Nifty spot manages to get a close / sustain above 11585 then ,

long again for 11605 - 11675 - 11755

Short below 11370 , Tgt 11340 - 11315 - 11290

IF Nifty spot manages to get a close / sustain below 11255 then, 

short again for 11235 - 11165 - 11085


P.S. Always wait for the yellow highlighted levels to be crossed after taking a long/short position for confirmation of the trade . Once the highlighted levels are crossed and the next target is achieved move your Stoploss to the highlighted levels and keep trailing your stoploss .

If you want to see the post in your Inbox , kindly register by adding your email id in  the 'Subscribe to my posts' section on the top right side of the blog.

Disclaimer : These are my personal views and one should do their own research before entering any trades based on them  . The use of the blog is agreement that the blog is for informational and educational purposes only and does not constitute advice in any form in the furtherance of any trade or trading decisions.