Weekly Spot Outlook Of Bank Nifty for 15th to 19th Apr

BANK NIFTY

This week Bank Nifty spot went up by 147 points , then went down by 480 points before finally ending the week with a loss of 146 points compared to last weekly closing.

As per levels given for the previous week Bank Nifty Spot needed to sustain and close above 30350 to confirm uptrend and Bank Nifty spot needed to sustain and close below 29820 to confirm downtrend for the week. Bank Nifty made a high of 30232.05 and made a low of 29604.25 for the week. 

Had mentioned in previous weekly post that Bank Nifty needs to sustain above 30350 to test 30635 - 30705 initially and above it further till 30945 - 31215 and Bank Nifty needs to sustain below 29820 to test 29535 - 29465 initially and below it further till 29225 - 28955 , and Bank Nifty triggered our short trade and did 300+ points.

For the coming week :

Those who are looking to enter fresh longs should wait for Bank Nifty to sustain / close above 30145 and then enter for a initial target of 30360 - 30415 and look to hold further only on sustaining or getting a close above 30415 for the next targets of 30600 - 30805. 

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Those who are looking to enter fresh short should wait for Bank Nifty to sustain / close below 29735 and then enter for a initial target of 29520 - 29465 and look to hold further only on sustaining or getting a close below 29465 for the next targets of 29280 - 29075.

For the month of April , longs will be confirmed in Bank Nifty with a consecutive close above 31005 for a initial target of 31615 - 31770 and sustaining / closing above it we can see a further move till 32295 - 32875 . Similarly Bank Nifty shorts will be confirmed with a consecutive close below 29850 for a initial target of 29240 - 29085 and sustaining / closing below it we can see a further move till 28560 - 27980.

Bank Nifty has so far held its immediate support at 29850 - 29780 on closing basis last week and it needs to continue holding these levels for the upmove to resume else we can see a test of its next support at 29520 - 29465.

On the upside Bank Nifty has immediate resistance near 31000 - 31075 . 

Bank Nifty Spot Levels for the week are

Long above 30065 , Tgt 30145 - 30205 - 30270

IF Bank Nifty spot manages to get a close / sustain above 30360 then 

long again for 30415 - 30600 - 30805

Short below 29810 , Tgt 29735 - 29670 - 29610

IF Bank Nifty spot manages to get a close / sustain below 29520 then 

short again for 29465 - 29280 - 29075

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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