Saturday 26 May 2018

Weekly Spot Outlook of Bank Nifty for 28th May to 01st Jun

BANK NIFTY

This week Bank Nifty spot went down by 253 points and then went up by 451 points , before finally ending the week with a gain of 399 points compared to last weekly closing.


As per levels given for the previous week Bank Nifty Spot needed to sustain and close above 26055 to trigger uptrend and Bank Nifty spot needed to sustain and close below 25695 to trigger downtrend for the week. Bank Nifty made a high of 26325.55 and made a low of 25622.15 . 


As mentioned in the previous weekly post " Now in the coming week Bank Nifty needs to break and sustain / close above 26055 for a test of 26240 - 26285 initially and closing above it we can see a further move till 26450 - 26625 . Similarly on sustaining / closing below 25695 we can see a test of 25510 - 25465 initially and closing below it we can see a test of 25305 - 25125 . Those who are holding shorts should now their trailing cbsl to 26055 and can hold further only on closing above 25695 with a further trailing cbsl of 25820 .  Those who are looking to go long should wait for Bank Nifty to sustain / close above 26055   " , and Bank Nifty initially triggered our short trade and completed just 2 target and reversed to trigger our long trade and completed 4 weekly long targets . 


Now in the coming week Bank Nifty needs to break and sustain / close above 26470 for a test of 26680 - 26730 initially and closing above it we can see a further move till 26910 - 27105. Similarly on sustaining / closing below 26075 we can see a test of 25870 - 25820 initially and closing below it we can see a test of 25640 - 25445 . Those who are holding longs should keep a trailing cbsl of 26075 and hold further on getting a close above 26470 with a trailing cbsl of 26335 . Those who are looking to enter fresh shorts should wait for a close below 26075 and enter with a cbsl of 26215 . 

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 had confirmed our monthly longs and tested our next targets of 26890 - 27310 with a high of 26972 .


Bank Nifty Spot Levels for the week are

Long above 26395 , Tgt 26470 - 26530 - 26590

IF Bank Nifty spot manages to get a close / sustain above 26680 then 

long again for 26730 - 26910 - 27105

Short below 26150 , Tgt 26075 - 26015 - 25955

IF Bank Nifty spot manages to get a close / sustain below 25870 then 

short again for 25820 - 25640 - 25445


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.

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