Weekly Spot Outlook Of Bank Nifty For 05th to 09th Jun

BANK NIFTY

This week Bank Nifty spot went up by 267 points then went down by 1389 points before finally ending the week with a loss of 1120 points compared to last weekly closing.

As per levels given for the previous week Bank Nifty Spot needed to sustain and close above 29625 to confirm uptrend and Bank Nifty spot needed to sustain and close below 29025 to confirm downtrend for the week. Bank Nifty made a high of 29592.95 and made a low of 27936.35 for the week. 

Had mentioned in previous weekly post that Bank Nifty needs to sustain above 29625 to test 29940 - 30020 initially and above it further till 30290 - 30590 and Bank Nifty needs to sustain below 29025 to test 28715 - 28635 initially and below it further till 28365 - 28065 , and Bank Nifty triggered our weekly short trade and did 1150+ points . 

For the coming week :

Those who are looking to enter fresh longs should wait for Bank Nifty to sustain / close above 28450 and then enter for a initial target of 28710 - 28780 and look to hold further only on sustaining or getting a close above 28780 for the next targets of 29000 - 29250. 

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Those who are looking to enter fresh short should wait for Bank Nifty to sustain / close below 27960 and then enter for a initial target of 27700 - 27630 and look to hold further only on sustaining or getting a close below 27630 for the next targets of 27410 - 27160.

For the month of August , longs will be confirmed in Bank Nifty with a consecutive close above 29490 for a initial target of 30135 - 30300 and sustaining / closing above it we can see a further move till 30860 - 31470 . Similarly Bank Nifty shorts will be confirmed with a consecutive close below 28260 for a initial target of 27615 - 27450 and sustaining / closing below it we can see a further move till 26895 - 26280.

Bank Nifty has given a marginal close below 28260 and we need a consecutive close below it on Monday to confirm shorts . 

Now on the downside Bank Nifty has immediate support near 27960 - 27880 which it needs to hold in the coming else the correction can extend . Bank Nifty has immediate resistance at 28360 - 28450 zone which it needs to strongly close above in the coming week for a bounce. 

Bank Nifty Spot Levels for the week are

Long above 28360 , Tgt 28450 - 28530 - 28605

IF Bank Nifty spot manages to get a close / sustain above 28710 then 

long again for 28780 - 29000 - 29250

Short below 28050 , Tgt 27960 - 27880 - 27805

IF Bank Nifty spot manages to get a close / sustain below 27700 then 

short again for 27630 - 27410 - 27160

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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