Sunday 10 May 2020

Weekly Spot Outlook Of Bank Nifty For 11th to 15th May

In the previous week : 


Bank Nifty went down by 2593 points before finally ending the week lower by 2181 points compared to its last weekly closing. 

Bank Nifty triggered our short trade with a big gap down as per levels given last week and nearly still did 1580 points . 


Bank Nifty had made a life time high of 32613.10 on 30th December and has been trading sideways to negative since then .







Bank Nifty for this week :



  • Sustaining above 19780 enter for 20040 - 20250 - 20460 

  • Further sustaining above 20765 enter for 20945 - 21570 - 22250


  • Sustaining below 18930 enter for 18670 - 18455 - 18245

  • Further sustaining below 17945 enter for 17760 - 17135 - 16450



As per weekly closing we can see some support near 18850 - 18540  and resistance near 19855 - 20165 which should be watched incase of a gap up or gap down for additional confirmation this week.


How to use these levels  
  • For longs/shorts enter on breaking above the first weekly levels mentioned and hold on sustaining above /below the highlighted green/red level and look to book partly/fully once it completes its initial 3 targets . Re-enter if price again breaks above/below the further first level mentioned and hold on sustaining above/below the highlighted green/red level for next targets





For this month :

  • Bank Nifty longs will get confirmed with a consecutive close above 22835 for a initial target of 24210 - 24560 and sustaining / closing above 24560 we can see a further move till 25740 - 27040 .  

  • Bank Nifty shorts will get confirmed with a consecutive close below 20235 for  a initial target of 18860 - 18515 and sustaining / closing below 18515 we can see a further move till 17330 - 16030.

We had mentioned that longs should be cautious around the resistance levels of 22080 and we saw Nifty make a high of 21967 in the previous weeks coming close to it. 


Bank Nifty has triggered our monthly shorts and has so far done close to 1300 points . Those who are holding positional shorts should keep a trailing cbsl of 20990 and can look to book once near the initial targets or hold further on closing below 18540 with a further trailing cbsl of 19110.

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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.

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