Weekly Spot Outlook Of Bank Nifty For 22nd to 26th Jul

BANK NIFTY

This week Bank Nifty spot went up by 198 points then went down by 895 points before finally ending the week with a loss of 831 points compared to last weekly closing.

As per levels given for the previous week Bank Nifty Spot needed to sustain and close above 30895 to confirm uptrend and Bank Nifty spot needed to sustain and close below 30310 to confirm downtrend for the week. Bank Nifty made a high of 30799.70 and made a low of 29705.75 for the week. 

Had mentioned in previous weekly post that Bank Nifty needs to sustain above 30895 to test 31205 - 31280 initially and above it further till 31550 - 31840 and Bank Nifty needs to sustain below 30310 to test 30000 - 29920 initially and below it further till 29655 - 29365 , and Bank Nifty triggered our weekly short trade and completed 700  points . 

For the coming week :

Those who are looking to enter fresh longs should wait for Bank Nifty to sustain / close above 30020 and then enter for a initial target of 30285 - 30355 and look to hold further only on sustaining or getting a close above 30355 for the next targets of 30580 - 30830. 

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Those who are looking to enter fresh short should wait for Bank Nifty to sustain / close below 29520 and then enter for a initial target of 29255 - 29185 and look to hold further only on sustaining or getting a close below 29185 for the next targets of 28960 - 28710.

For the month of July , longs will be confirmed in Bank Nifty with a consecutive close above 31510 for a initial target of 31935 - 32040 and sustaining / closing above it we can see a further move till 32410 - 32810 . Similarly Bank Nifty shorts will be confirmed with a consecutive close below 30700 for a initial target of 30275 - 30170 and sustaining / closing below it we can see a further move till 29800 - 29400.

Bank Nifty had confirmed our monthly shorts and nearly completed all our targets with a low of 29705.75 testing our last target zone of 29800 - 29400 . 

Now on the upside Bank Nifty has immediate resistance near 30020 - 30170 which it needs to strongly close above in the coming week on a bounce for longs . Staying below 29800 we can see a move towards 29600 - 29430 where it has its next strong support.

Bank Nifty Spot Levels for the week are

Long above 29925 , Tgt 30020 - 30100 - 30175

IF Bank Nifty spot manages to get a close / sustain above 30285 then 

long again for 30355 - 30580 - 30830

Short below 29615 , Tgt 29520 - 29440 - 29365

IF Bank Nifty spot manages to get a close / sustain below 29255 then 

short again for 29185 - 28960 - 28710

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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