Weekly Spot Outlook Of Bank Nifty for 04th to 08th Jun

BANK NIFTY

This week Bank Nifty spot went down by 293 points and then went up by 891 points , before finally ending the week with a gain of 419 points compared to last weekly closing.

As per levels given for the previous week Bank Nifty Spot needed to sustain and close above 26470 to trigger uptrend and Bank Nifty spot needed to sustain and close below 26075 to trigger downtrend for the week. Bank Nifty made a high of 27164.55 and made a low of 25980.85 . 

As mentioned in the previous weekly post " 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 . " , and Bank Nifty made a low of 25980.65 intraday during the week but failed to give a close below 26075 and bounced back to trigger our weekly longs and completed all our long targets giving around 700 points . 

Now in the coming week Bank Nifty needs to break and sustain / close above 27000 for a test of 27320 - 26400 initially and closing above it we can see a further move till 27675 - 27980. Similarly on sustaining / closing below 26390 we can see a test of 26065 - 25985 initially and closing below it we can see a test of 25710 - 25405 . Those who are holding longs should keep a trailing cbsl of 26390 and hold further only on getting a close above 26700 with a trailing cbsl of 26785 . Those who are looking to enter fresh shorts should wait for a close below 26390 and enter with a cbsl of 26600 . 

For the month of June longs will be confirmed with a consecutive close above 27560 for a initial target of 28195 - 28360 and sustaining / closing above it we can see a further move till 28905 - 29510. Similarly shorts will be confirmed with a consecutive close below 26350 for a initial target of 25715 - 25555 and sustaining / closing below it we can see a further move till 25010 - 24405.  

Bank Nifty Spot Levels for the week are

Long above 26880 , Tgt 27000 - 27090 - 27185

IF Bank Nifty spot manages to get a close / sustain above 27320 then 

long again for 27400 - 27675 - 27980

Short below 26505 , Tgt 26390 - 26295 - 26200

IF Bank Nifty spot manages to get a close / sustain below 26065 then 

short again for 25985 - 25710 - 25405

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.