Weekly Spot Outlook Of Bank Nifty for 14th to 18th Jan

BANK NIFTY

This week Bank Nifty spot went down by 33 points , then went up by 559 points  before finally ending the week with a gain of 259 points compared to last weekly closing.

As per levels given for the previous week Bank Nifty Spot needed to sustain and close above 27400 to confirm uptrend and Bank Nifty spot needed to sustain and close below 26990 to confirm downtrend for the week. Bank Nifty made a high of 27754.25 and made a low of 27161.95 for the week. 

In the previous had mentioned that "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 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 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 . " and Bank Nifty confirmed our weekly long trade and made a high of 27754.25 above our initial target of 27615 - 27670 . 

Now in the coming week Bank Nifty needs to break and sustain / close above 27650 for a test of 27860 - 27910 initially and closing above it we can see a further move till 28090 - 28285. Similarly on sustaining / closing below 27255 we can see a test of 27050 - 27000 initially and closing below it we can see a test of 26820 - 26625 . Those who are looking to enter fresh long positions should wait for Bank Nifty to sustain / close above 27650 and enter with a stoploss of 27515 for a initial target of 27860 - 27910 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 27255 and enter with a stoploss of 27395 for a initial target of 27050 - 27000 and look to hold further only on getting a close below the initial target zone . 

As mentioned " 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. " , and Bank Nifty triggered our monthly long trade and made a high of 27754.25 completing our initial target of 27725 - 27835 . 

Bank Nifty has its immediate resistance zone now of 27725 - 27835 and it needs to give a strong  close above it to go further towards 28210 - 28620 else we can see selling pressure begin again.

Bank Nifty Spot Levels for the week are

Long above 27575 , Tgt 27650 - 27710 - 27770

IF Bank Nifty spot manages to get a close / sustain above 27860 then 

long again for 27910 - 28090 - 28285

Short below 27330 , Tgt 27255 - 27195 - 27135

IF Bank Nifty spot manages to get a close / sustain below 27050 then 

short again for 27000 - 26820 - 26625

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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