Sunday, 22 April 2018

Weekly Spot Outlook of Bank Nifty for 23rd to 27th Apr

BANK NIFTY

This week Bank Nifty spot went up by 226 points and then went down by 361 points before finally ending the week with a loss of 257 points compared to last weekly closing.


As per levels given for the previous week Bank Nifty Spot needed to break and sustain above 25470 to trigger uptrend and Bank Nifty spot needed to break and sustain below 24930 to trigger downtrend for the week. Bank Nifty made a high of 25426.75 and a low of 24839.30 . 


As mentioned in the previous weekly post " Now in the coming week Bank Nifty needs to break and sustain / close above 25470 for a test of 25750 - 25825 initially and closing above it we can see a further move till 26070 - 26335 . Similarly on sustaining / closing below 24930 we can see a test of 24650 - 24580 initially and closing below it we can see a test of 24335 - 24065 . Those who are holding longs should now their trailing cbsl to 24930 and can hold further only on closing above 25470 with a further trailing cbsl of 25280 and look to book once near 25750 - 25825. Those who are looking to short should wait for Bank Nifty to sustain / close below 24930 .   " , and Bank Nifty traded for most of week between our long and short trigger range of 24930 - 25470 before breaking below 24930 on friday but still did not give a close below 24930  .  


Now in the coming week Bank Nifty needs to break and sustain / close above 25075 for a test of 25210 - 25245 initially and closing above it we can see a further move till 25360 - 25490. Similarly on sustaining / closing below 24815 we can see a test of 24680 - 24645 initially and closing below it we can see a test of 24530 - 24400 . Those who are holding longs should now move their trailing cbsl to 24815 and can hold further only on closing above 25075 with a further trailing cbsl of 24905 and look to book once near 25210 - 25245 . Those who are looking to short should wait for Bank Nifty to sustain / close below 24815. 


For the month of April longs will be confirmed with a consecutive close above 24880 for a initial target of 25525 - 25690 and sustaining / closing above it we can see a further move till 26250 - 26865. Similarly shorts will be confirmed with a consecutive close below 23650 for a initial target of 23000 - 22835 and sustaining / closing below it we can see a further move till 22275 - 21665. Bank Nifty has also confirmed our monthly longs and we can see a test of 25525 - 25690 initially. 

Bank Nifty Spot Levels for the week are

Long above 25025 , Tgt 25075 - 25115 - 25155

IF Bank Nifty spot manages to get a close / sustain above 25210 then 

long again for 25245 - 25360 - 25490

Short below 24865 , Tgt 24815 - 24775 - 24735

IF Bank Nifty spot manages to get a close / sustain below 24680 then 

short again for 24645 - 24530- 24400


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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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.