Weekly Spot Outlook of Bank Nifty for 07th to 11th May

BANK NIFTY

This week Bank Nifty spot went up by 322 points before finally ending the week with a gain of 251 points compared to last weekly closing.

As per levels given for the previous week Bank Nifty Spot needed to sustain and close above 25595 to trigger uptrend and Bank Nifty spot needed to sustain and close below 25195 to trigger downtrend for the week. Bank Nifty made a high of 25716.75 and made a low of 25464.80 . 

As mentioned in the previous weekly post " Now in the coming week Bank Nifty needs to break and sustain / close above 25595 for a test of 25805 - 25855 initially and closing above it we can see a further move till 26035 - 26235 . Similarly on sustaining / closing below 25195 we can see a test of 24990 - 24935 initially and closing below it we can see a test of 24755 - 24555 . Those who are holding longs should now their trailing cbsl to 25195 and can hold further only on closing above 25595 with a further trailing cbsl of 25455 and look to book once near 25855 unless we get a close above it . Those who are looking to short should wait for Bank Nifty to sustain / close below 25195 or near 26035 -26235 with a strict cbsl of 26235 .   " , and Bank Nifty made a high of 25716.75 for the week . 

Now in the coming week Bank Nifty needs to break and sustain / close above 25805 for a test of 25975 - 26015 initially and closing above it we can see a further move till 26160 - 26320. Similarly on sustaining / closing below 25485 we can see a test of 25320 - 25275 initially and closing below it we can see a test of 25130 - 24975 . Those who are holding longs should now move their trailing cbsl to 25485 and can hold further only on closing above 25805 with a further trailing cbsl of 25695 and look to book once near 25975 - 26015 unless we get a close above it . Those who are looking to short should wait for Bank Nifty to sustain / close below 25485 or near 25975 - 26015 with a strict cbsl of 26225. 

For the month of May longs will be confirmed with a consecutive close above 25955 for a initial target of 26395 - 26510 and sustaining / closing above it we can see a further move till 26890 - 27310. Similarly shorts will be confirmed with a consecutive close below 25110 for a initial target of 24665 - 24555 and sustaining / closing below it we can see a further move till 24170 - 23750. 

Bank Nifty Spot Levels for the week are

Long above 25745 , Tgt 25805 - 25855 - 25905

IF Bank Nifty spot manages to get a close / sustain above 25975 then 

long again for 26015 - 26160 - 26320

Short below 25545 , Tgt 25485 - 25435 - 25390

IF Bank Nifty spot manages to get a close / sustain below 25320 then 

short again for 25275 - 25130 - 24975

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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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.