Sunday, 29 April 2018

Weekly Spot Outlook Of Bank Nifty for 30th Apr to 04th May

BANK NIFTY

This week Bank Nifty spot went down by 478 by showing a low of 24466.10 and then went up by 498 points before finally ending the week with a gain of 451 points compared to last weekly closing.


As per levels given for the previous week Bank Nifty Spot needed to sustain and close above 25075 to trigger uptrend and Bank Nifty spot needed to sustain and close below 24815 to trigger downtrend for the week. Bank Nifty made a high of 25441.50 and showed a low of 24466.10 . 


As mentioned in the previous weekly post " 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 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 .   " , and Bank Nifty gave a borderline close once at 24814.60 and went on to make a high of 25441.50 for the week and April series . 


Now in the coming week Bank Nifty needs to break and sustain / close above 25595 for a test of 25805 - 25855 initially and closing above it we can see a further move till 26035 - 26235. Similarly on sustaining / closing below 25195 we can see a test of 24990 - 24935 initially and closing below it we can see a test of 24755 - 24555 . Those who are holding longs should now move their trailing cbsl to 25195 and can hold further only on closing above 25595 with a further trailing cbsl of 25455 and look to book once near 25855 unless we get a close above it . Those who are looking to short should wait for Bank Nifty to sustain / close below 25195 or near 26035 - 26235 with a strict cbsl of 26325. 


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 had also confirmed our monthly longs and we were expecting to see a test of 25525 - 25690 initially and so far we saw a high of 25441.50 .

Bank Nifty Spot Levels for the week are

Long above 25520 , Tgt 25595 - 25655 - 25715

IF Bank Nifty spot manages to get a close / sustain above 25805 then 

long again for 25855 - 26035 - 26235

Short below 25270 , Tgt 25195 - 25135 - 25075

IF Bank Nifty spot manages to get a close / sustain below 24990 then 

short again for 24935 - 24755- 24555


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.