Weekly Spot Outlook Of Bank Nifty for 26th to 29th May

In the previous week : 

Bank Nifty went down by 1729 points before ending the week lower by 1555 points compared to its last weekly closing. 

Bank Nifty triggered our short trade this week and completed all our targets giving 1480 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 17595 enter for 17790 - 17945 - 18105

• Further sustaining above 18325 enter for 18460 - 18925 - 19435

• Sustaining below 16965 enter for 16770 - 16615 - 16455

• Further sustaining below 16230 enter for 16095 - 15630 - 15125

As per weekly closing we can see some support near 16965 - 16770 and resistance near 17595 - 17790 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 Bank Nifty make a high of 21967 last month end  coming close to it. 

Bank Nifty had triggered our monthly shorts and nearly completed all targets with a low of 17105 giving 3100+ points . Those who had taken shorts should book . Now for a fresh short this week Bank Nifty needs to close below 16770 for a move towards 16000 levels else holding the same we can see a bounce in the expiry week

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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.