Weekly Spot Outlook Of Bank Nifty for 25th to 29th Jun

BANK NIFTY

This week Bank Nifty spot went down by 193 points and then went up by 389 points , before finally ending the week with a gain of 349 points compared to last weekly closing.

As per levels given for the previous week Bank Nifty Spot needed to sustain and close above 26520 to trigger uptrend and Bank Nifty spot needed to sustain and close below 26315 to trigger downtrend for the week. Bank Nifty made a high of 26806.55 and made a low of 26224.75 . 

As mentioned in the previous weekly post " 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 . " , and Bank Nifty made a low of 26224.75 near our initial short targets and reversed. Bank Nifty then triggered our weekly long trade and nearly completed all our long targets . 

Now in the coming week Bank Nifty needs to break and sustain / close above 26930 for a test of 27100 - 27140 initially and closing above it we can see a further move till 27290 - 27450. Similarly on sustaining / closing below 26605 we can see a test of 26435 - 26390 initially and closing below it we can see a test of 26245 - 26085 . Those who are looking to enter fresh long positions should wait for Bank Nifty to sustain / close above 26930 and enter with a cbsl of 26715 . Those who are looking to enter fresh shorts should wait for Bank Nifty to sustain / close below 26605 and enter with a cbsl of 26820 .

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 26865 , Tgt 26930 - 26980 - 27030

IF Bank Nifty spot manages to get a close / sustain above 27100 then 

long again for 27140 - 27290 - 27450

Short below 26665 , Tgt 26605 - 26555 - 26505

IF Bank Nifty spot manages to get a close / sustain below 26435 then 

short again for 26390 - 26245 - 26085

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.