Weekly Spot Outlook Of Bank Nifty For 25th to 29th Nov

NIFTY

This past week Nifty went down by 28 points, then went up by 143 points before finally ending the week with a gain of 19 points compared to last weekly closing. This was the 2nd consecutive week of Nifty closing in the green with a flattish positive gain after gaining 13 points on a weekly close last week.

Nifty made a high of 12038.60 and made a low of 11867.60 in the previous week.

Had mentioned in previous weekly post that to enter a long trade Nifty needs to sustain/close above 11950 to test 12010 - 12025 initially and closing above it can go further till 12075 - 12130 and to enter a short trade Nifty needs to sustain below 11840 to test 11780 - 11765 initially and closing below it can go further till 11715 - 11660, and we saw Nifty trigger our weekly long trade and complete our initial targets and face some resistance .

For this expiry week :

Those who are looking to enter fresh longs should wait for Nifty to sustain / close above 11960 and then enter for a initial target of 12005 - 12020 and look to hold further only on sustaining or getting a close above 12020 for the next targets of 12060 - 12100. 

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Those who are looking to enter fresh short should wait for Nifty to sustain / close below 11870 and then enter for a initial target of 11825 - 11810 and look to hold further only on sustaining or getting a close below 11810 for the next targets of 11770 - 11725. 

For this month :

For the month of November , longs will get confirmed in Nifty with a consecutive close above 12010 for a initial target of 12145 - 12180 and sustaining / closing above 12180 we can see a further move till 12300 - 12430 .  Similarly shorts will get confirmed with a consecutive close below 11745 for  a initial target of 11610 - 11575 and sustaining / closing below 11575 we can see a further move till 11455 - 11325 . 

Nifty needs to break and close well above 11950 - 12010 zone for the upmove to gain strength and go towards 12130 - 12180 in this expiry week. Bank Nifty has been outperforming the Nifty this month but without the Nifty participating in the expiry week now even Bank Nifty will  find it difficult to sustain this outperformance. 

On the downside Nifty has immediate support near 11885 - 11870 in the coming sessions and on getting a strong close below 11870 we can see a down move towards 11795 - 11745 levels .

Nifty Spot Levels for the week are

Long above 11945 , Tgt  11960 - 11975 - 11985

IF Nifty spot manages to get a close / sustain above 12005 then ,

long again for 12020 - 12060 - 12100

Short below 11885 , Tgt 11870 - 11855 - 11840

IF Nifty spot manages to get a close / sustain below 11825 then, 

short again for 11810 - 11770 - 11725

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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 keep trailing your stoploss .

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Disclaimer : These are my personal views and one should do their own research before entering any trades based on them  . The use of the blog is agreement that the blog is for informational and educational purposes only and does not constitute advice in any form in the furtherance of any trade or trading decisions.