Weekly Spot Outlook Of Bank Nifty for 19th to 23rd Nov

BANK NIFTY

This week Bank Nifty spot went down by 386 points , then went up by 562 points before finally ending the week with a gain of 475 points compared to last weekly closing.

As per levels given for the previous week Bank Nifty Spot needed to sustain and close above 26005 to trigger uptrend and Bank Nifty spot needed to sustain and close below 25535 to trigger downtrend for the week. Bank Nifty made a high of 26332.75 and made a low of 25384.55 for the week. 

As mentioned in the previous week "Now in the coming week Bank Nifty needs to break and sustain / close above 26005 for a test of 26250 - 26315 initially and closing above it we can see a further move till 26525 - 26760. Similarly on sustaining / closing below 25535 we can see a test of 25290 - 25230 initially and closing below it we can see a test of 25015 - 24785 . Those who are looking to enter fresh long positions should wait for Bank Nifty to sustain / close above 26005 and enter with a stoploss of 25840 and look to hold further only on getting a close above 26250 - 26315 zone . Those who are looking to enter fresh shorts should wait for Bank Nifty to sustain / close below 25535 and enter with a stoploss of 25700 and look to hold further only on getting a close below 25290 - 25230 zone . " and Bank Nifty confirmed our long trade and completed our initial targets with a high of 26332.75.

Now in the coming week Bank Nifty needs to break and sustain / close above 26405 for a test of 26565 - 26610 initially and closing above it we can see a further move till 26750 - 26905. Similarly on sustaining / closing below 26090 we can see a test of 25925 - 25885 initially and closing below it we can see a test of 25740 - 25585 . Those who are looking to enter fresh long positions should wait for Bank Nifty to sustain / close above 26405 and enter with a stoploss of 26295 and look to hold further only getting a close above 26565 - 26610 zone . Those who are looking to enter fresh shorts should wait for Bank Nifty to sustain / close below 26090 and enter with a stoploss of 26200 and look to hold further only on getting a close below 26925 - 25885 zone . 

For the month of November in Bank Nifty further longs will be confirmed with a consecutive close above 25850 for a initial target of 26355 - 26515 and sustaining / closing above it we can see a further move till 27045 - 27630. Similarly Bank Nifty shorts will be confirmed with a consecutive close below 24570 for a initial target of 23950 - 23795 and sustaining / closing below it we can see a further move till 23265 - 22680.  For the month of October Bank Nifty did not confirm a positional trade.

Bank Nifty Spot Levels for the week are

Long above 26345 , Tgt 26405 - 26450 - 26495

IF Bank Nifty spot manages to get a close / sustain above 26565 then 

long again for 26610 - 26750 - 26905

Short below 26150 , Tgt 26090 - 26040 - 25995

IF Bank Nifty spot manages to get a close / sustain below 25925 then 

short again for 25885 - 25740 - 25585

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.