Sunday, 29 January 2017

Weekly Spot Outlook of Bank Nifty for 30th January to 03rd February


This week Bank Nifty spot went down 98 points and then went up by 974 points over last weeks close and finally ended the week with a gain of 888 points compared to last weekly closing . 

As per levels given for the previous week Bank Nifty Spot needed to break and sustain above 19006 to confirm uptrend and Bank Nifty spot needed to break and sustain below 18635 to confirm downtrend for the week. Bank Nifty made a high of 19794.95  and a low of 18722.85 

This week Bank Nifty triggered our long trade and completed all our weekly long targets giving us 670 points till our last target and also exceeded it by 189 points .Bank Nifty had corrected all the way till 17606.90 in the last week of December after caution was advised for longs in the month of September once 20080 was breached on closing  . We had seen a correction of nearly 2400+ points from our caution level of 20080 given 17 weeks ago.  Bank Nifty took support just near our confirmation levels to short again of 17608 and reversed to now make a high of 19795 gaining 2100+ points .  Had mentioned in the previous weekly post 'Now Bank Nifty has its immediate support near 18505 - 18805 levels where it had been taking resistance all through December' and  'Bank Nifty can test the support levels of 18521 - 18390 on breaking and sustaining below 18747 ' and Bank Nifty broke below 18747 but immediately bounced back from the support zone and gave a good up move . Now for this week Bank Nifty needs to break and sustain above 19916 for the up move to continue till 20587 with resistance near 20135 - 20190 levels . IF Bank Nifty sustains below 19500 then we can see a down move till 18830 with support near 19282 - 19226 levels . Those who are holding longs or those who are intending to go long on a correction should keep a strict cbsl of 19180 for the positions.

For the month of January we can expect uptrend in Bank Nifty Spot on a consecutive close above 18506 and downtrend continuation would be on a consecutive close below 17848 . Bank Nifty has given a move of 1200+ points after closing above the monthly long confirmation level till now .

In the coming week Bank Nifty spot needs to break and sustain above 19916 to confirm uptrend and then one can expect a move till 20135 initially and breaking and sustaining above 20190 will give further confirmation of the next move which can take us till 20587. Similarly Bank Nifty spot needs to break and sustain below 19500 to confirm downtrend and then one can expect a move till 19282 initially and breaking and sustaining below 19226 will give further confirmation of the next move which can take us down till 18830.

Bank Nifty Spot Levels for the week are

Long above 19836 , Tgt 19916 - 19980 - 20044

IF Bank Nifty spot manages to get a close / sustain above 20135 then 

long again for 20190 - 20379 - 20587

Short below 19580 , Tgt 19500 - 19437 - 19373

IF Bank Nifty spot manages to get a close / sustain below 19282 then 

short again for 19226 - 19037 - 18830

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 .

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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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