Weekly Spot Outlook Of Bank Nifty for 18th to 22nd Jun

BANK NIFTY

This week Bank Nifty spot went up by 314 points and then went down by 106 points , before finally ending the week with a loss of 34 points compared to last weekly closing.

As per levels given for the previous week Bank Nifty Spot needed to sustain and close above 26755 to trigger uptrend and Bank Nifty spot needed to sustain and close below 26145 to trigger downtrend for the week. Bank Nifty made a high of 26765.45 and made a low of 26344.95 . 

As mentioned in the previous weekly post " Now in the coming week Bank Nifty needs to break and sustain / close above 26755 for a test of 27080 - 27160 initially and closing above it we can see a further move till 27440 - 27745 . Similarly on sustaining / closing below 26145 we can see a test of 25825 - 25740 initially and closing below it we can see a test of 25465 - 25160 . Those who are looking to enter fresh long positions should wait for Bank Nifty to sustain / close above 26755 and enter with a cbsl of 26545. Those who are looking to enter fresh shorts should wait for Bank Nifty to sustain / close below 26145 and enter with a cbsl of 26360 . " , and Bank Nifty made a high of 26765.45 and reversed to make a low of 26344.95 . 

Now in the coming week Bank Nifty needs to break and sustain / close above 26520 for a test of 26625 - 26655 initially and closing above it we can see a further move till 26750 - 26850. Similarly on sustaining / closing below 26315 we can see a test of 26210 - 26180 initially and closing below it we can see a test of 26090 - 25985 . Those who are looking to enter fresh long positions should wait for Bank Nifty to sustain / close above 26520 and enter with a cbsl of 26450 . Those who are looking to enter fresh shorts should wait for Bank Nifty to sustain / close below 26315 and enter with a cbsl of 26385 .

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 26480 , Tgt 26520 - 26550 - 26585

IF Bank Nifty spot manages to get a close / sustain above 26625 then 

long again for 26655 - 26750 - 26850

Short below 26355 , Tgt 26315 - 26285 - 26255

IF Bank Nifty spot manages to get a close / sustain below 26210 then 

short again for 26180 - 26090 - 25985

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.