Weekly Spot Outlook of Bank Nifty for 13th to 17th August

BANK NIFTY

This week Bank Nifty spot went up by 682 points  before finally ending the week with a gain of 429 points compared to last weekly closing.

As per levels given for the previous week Bank Nifty Spot needed to sustain and close above 27910 to trigger uptrend and Bank Nifty spot needed to sustain and close below 27480 to trigger downtrend for the week. Bank Nifty made a low of 27766.05 and made a new lifetime high of 28377.90

As mentioned in the previous weekly post " Now in the coming week Bank Nifty needs to break and sustain / close above 27910 for a test of 28135 - 28195 initially and closing above it we can see a further move till 28385 - 28600 . Similarly on sustaining / closing below 27480 we can see a test of 27255 - 27195 initially and closing below it we can see a test of 27005 - 26790. Those who are looking to enter fresh long positions should wait for Bank Nifty to sustain / close above 27910 with a stoploss of 27760 and look to hold further only on getting a close above 28135 - 28195 zone. Those who are looking to enter fresh shorts should wait for Bank Nifty to sustain / close below 27480 with a stoploss of 27630 and look to hold further only on getting a close below 27255 - 27195 zone . " , and we saw Bank Nifty trigger our weekly longs and make a high of 28377.90 .

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 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 . 

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 and made a high of 28377.90 . Those who are holding longs should keep a positional cbsl of 27860 and look to hold only on getting a close above 28405 - 28490 zone. 

Bank Nifty Spot Levels for the week are

Long above 28255 , Tgt 28335 - 28400 - 28465

IF Bank Nifty spot manages to get a close / sustain above 28555 then 

long again for 28615 - 28805 - 29015

Short below 27995 , Tgt 27915 - 27850 - 27785

IF Bank Nifty spot manages to get a close / sustain below 27690 then 

short again for 27635 - 27445 - 27235

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.