Weekly Spot Outlook Of Bank Nifty for 07th to 11th Jan

BANK NIFTY

This week Bank Nifty spot went up by 305 points , then went down by 202 points  before finally ending the week with a gain of 70 points compared to last weekly closing.

As per levels given for the previous week Bank Nifty Spot needed to sustain and close above 27340 to confirm uptrend and Bank Nifty spot needed to sustain and close below 26910 to confirm downtrend for the week. Bank Nifty made a high of 27430.55 and made a low of 26923.75 for the week. 

In the previous had mentioned that "Now in the coming week Bank Nifty needs to break and sustain / close above 27340 for a test of 27565 - 27625 initially and closing above it we can see a further move till 27820 - 28035. Similarly on sustaining / closing below 26910 we can see a test of 26685 - 26625 initially and closing below it we can see a test of 26430 - 26215 . Those who are looking to enter fresh long positions should wait for Bank Nifty to sustain / close above 27340 and enter with a stoploss of 27190 for a target of 27565 - 27625 and look to hold further only on getting a close above the initial target zone . Those who are looking to enter fresh shorts should wait for Bank Nifty to sustain / close below 26910 and enter with a stoploss of 27060 for a target of 26685 - 26625 and look to hold further only on getting a close below the initial target zone . " and Bank Nifty confirmed our weekly long trade and took our trailing stoploss. Bank Nifty went close to confirming our weekly short trade but took support above it indicating some strength.

Now in the coming week Bank Nifty needs to break and sustain / close above 27400 for a test of 27615 - 27670 initially and closing above it we can see a further move till 27855 - 28060. Similarly on sustaining / closing below 26990 we can see a test of 26775 - 26720 initially and closing below it we can see a test of 26535 - 26330 . Those who are looking to enter fresh long positions should wait for Bank Nifty to sustain / close above 27400 and enter with a stoploss of 27255 for a target of 27615 - 27670 and look to hold further only getting a close above the initial target zone . Those who are looking to enter fresh shorts should wait for Bank Nifty to sustain / close below 26990 and enter with a stoploss of 27135 for a target of 26775 - 26720 and look to hold further only on getting a close below the initial target zone . 

For the month of January , longs will be confirmed in Bank Nifty with a consecutive close above 27290 for a initial target of 27725 - 27835 and sustaining / closing above it we can see a further move till 28210 - 28620 . Similarly Bank Nifty shorts will be confirmed with a consecutive close below 26465 for a initial target of 26035 - 25925 and sustaining / closing below it we can see a further move till 25550 - 25135. 

Bank Nifty has its immediate resistance zone now of 27290 - 27340 and it needs to give a strong consecutive close above it to go further towards 27725 - 27835 else we can see selling pressure begin again.

Bank Nifty Spot Levels for the week are

Long above 27325 , Tgt 27400 - 27465 - 27525

IF Bank Nifty spot manages to get a close / sustain above 27615 then 

long again for 27670 - 27855 - 28060

Short below 27065 , Tgt 26990 - 26930 - 26865

IF Bank Nifty spot manages to get a close / sustain below 26775 then 

short again for 26720 - 26535 - 26330

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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