Weekly Spot Outlook for Bank Nifty for 20th to 24th Aug

BANK NIFTY

This week Bank Nifty spot went down by 385 points , then went up by 54  before finally ending the week with a gain of 4 points compared to last weekly closing.

As per levels given for the previous week Bank Nifty Spot needed to sustain and close above 28335 to trigger uptrend and Bank Nifty spot needed to sustain and close below 27915 to trigger downtrend for the week. Bank Nifty made a low of 27739.50 and made a high of 28178.15

As mentioned in the previous weekly post " Now in the coming week Bank Nifty needs to break and sustain / close above 28335 for a test of 28555 - 28615 initially and closing above it we can see a further move till 28805 - 29015 . Similarly on sustaining / closing below 27915 we can see a test of 27690 - 27635 initially and closing below it we can see a test of 27445 - 27235. Those who are looking to enter fresh long positions should wait for Bank Nifty to sustain / close above 28335 with a stoploss of 28190 and look to hold further only on getting a close above 28555 - 28615 zone. Those who are looking to enter fresh shorts should wait for Bank Nifty to sustain / close below 27915 with a stoploss of 28060 and look to hold further only on getting a close below 27690 - 27635 zone . " , and we saw Bank Nifty trigger our weekly shorts and do 200 points and then bounce back to take our stoploss . 

Now in the coming week Bank Nifty needs to break and sustain / close above 28355 for a test of 28595 - 28655 initially and closing above it we can see a further move till 28865 - 29090. Similarly on sustaining / closing below 27900 we can see a test of 27660 - 27600 initially and closing below it we can see a test of 27395 - 27165 . Those who are looking to enter fresh long positions should wait for Bank Nifty to sustain / close above 28355 with a stoploss of 28200 and look to hold further only getting a close above 28595 - 28655 zone . Those who are looking to enter fresh shorts should wait for Bank Nifty to sustain / close below 27900 with a stoploss of 28060 and look to hold further only on getting a close below 27660 - 27600 zone . 

As mentioned earlier " For August,  Bank Nifty monthly longs will be confirmed with a consecutive close above 28075 for a initial target of 28405 - 28490 and sustaining / closing above it we can see a further move till 28775 - 29085. Similarly shorts will be confirmed with a consecutive close below 27450 for a initial target of 27125 - 27040 and sustaining / closing below it we can see a further move till 26755 - 26445. " , and Bank Nifty triggered our monthly longs once and made a high of 28377.90 and then took our cbsl . Bank Nifty now needs to give a consecutive close again for a test of 28405 - 28490 initially . 

Bank Nifty Spot Levels for the week are

Long above 28270 , Tgt 28355 - 28425 - 28495

IF Bank Nifty spot manages to get a close / sustain above 28595 then 

long again for 28655 - 28865 - 29090

Short below 27985 , Tgt 27900 - 27830 - 27760

IF Bank Nifty spot manages to get a close / sustain below 27660 then 

short again for 27600 - 27395 - 27165

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.