Weekly Spot Outlook Of Bank Nifty for 18th to 22nd Mar

BANK NIFTY

This week Bank Nifty spot went up by 1758.90 points , before finally ending the week with a gain of 1619.65 points compared to last weekly closing.

As per levels given for the previous week Bank Nifty Spot needed to sustain and close above 27985 to confirm uptrend and Bank Nifty spot needed to sustain and close below 27540 to confirm downtrend for the week. Bank Nifty made a high of 29520.70 and made a low of 27791.25 for the week. 

Had mentioned in previous weekly post that Bank Nifty needs to sustain above 27985 to test 28215 - 28275 initially and above it further till 28475 - 28695 and Bank Nifty needs to sustain below 27540 to test 27305 - 27245 initially and below it further till 27045 - 26825 , and Bank Nifty triggered our long trade and did all our targets of and exceeded it by 800+ points 

For the coming week :

Those who are looking to enter fresh longs should wait for Bank Nifty to sustain / close above 29590 and then enter for a initial target of 29810 - 29865 and look to hold further only on sustaining or getting a close above 29865 for the next targets of 30055 - 30265. 

&

Those who are looking to enter fresh short should wait for Bank Nifty to sustain / close below 29175 and then enter for a initial target of 28955 - 28895 and look to hold further only on sustaining or getting a close below 28895 for the next targets of 28705 - 28500.

Had mentioned " For the month of March , longs will be confirmed in Bank Nifty with a consecutive close above 27165 for a initial target of 27555 - 27655 and sustaining / closing above it we can see a further move till 27995 - 28365 . Similarly Bank Nifty shorts will be confirmed with a consecutive close below 26415 for a initial target of 26025 - 25925 and sustaining / closing below it we can see a further move till 25585 - 25215." , and Bank Nifty confirmed our long trade and made a high of 29520.70 completing all our targets and exceeding it by 1200 points by outperforming after the last few months of lagging behind Nifty. 

Bank Nifty now has immediate support at 28890 - 28690 and it needs to hold these levels on a correction for the upmove to remain intact .

On the upside Bank Nifty has immediate resistance near 29590 - 29720 where shorts can get active again and moving past this resistance on good volumes can see a test of 29920 - 30250 next .

Bank Nifty Spot Levels for the week are

Long above 29510 , Tgt 29590 - 29655 - 29720

IF Bank Nifty spot manages to get a close / sustain above 29810 then 

long again for 29865 - 30055 - 30265

Short below 29255, Tgt 29175 - 29110 - 29045

IF Bank Nifty spot manages to get a close / sustain below 28955 then 

short again for 28895 - 28705 - 28500

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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