Saturday, 19 May 2018

Weekly Spot Outlook Of Bank Nifty for 21st to 25th May

BANK NIFTY

This week Bank Nifty spot went up by 841 points and then went down by 574 ,before finally ending the week with a loss of 538 points compared to last weekly closing.


As per levels given for the previous week Bank Nifty Spot needed to sustain and close above 26520 to trigger uptrend and Bank Nifty spot needed to sustain and close below 26310 to trigger downtrend for the week. Bank Nifty made a high of 26972.05 and made a low of 25839 . 


As mentioned in the previous weekly post " Now in the coming week Bank Nifty needs to break and sustain / close above 26520 for a test of 26625 - 26655 initially and closing above it we can see a further move till 26750 - 26850 . Similarly on sustaining / closing below 26310 we can see a test of 26200 - 26175 initially and closing below it we can see a test of 26080 - 25975 . Those who are holding longs should now their trailing cbsl to 26310 and can hold further only on closing above 26655 with a further trailing cbsl of 26445 .  Those who are looking to short should wait for Bank Nifty to sustain / close below 26310   " , and Bank Nifty made a high of 26972.05 initially after triggering our weekly long trade and completed all long targets and took our trailing cbsl for longs .Bank Nifty then triggered our weekly short trade and completed all our weekly short targets for the week too . A good week for swing traders as we saw all targets get achieved on both sides . 


Now in the coming week Bank Nifty needs to break and sustain / close above 26055 for a test of 26240 - 26285 initially and closing above it we can see a further move till 26450 - 26625. Similarly on sustaining / closing below 25695 we can see a test of 25510 - 25465 initially and closing below it we can see a test of 25305 - 25125 . Those who are holding shorts should now move their trailing cbsl to 26055 and can hold further only on closing below 25695 with a further trailing cbsl of 25820 . Those who are looking to go long should wait for Bank Nifty to sustain / above 26055 .


For the month of May longs will be confirmed with a consecutive close above 25955 for a initial target of 26395 - 26510 and sustaining / closing above it we can see a further move till 26890 - 27310. Similarly shorts will be confirmed with a consecutive close below 25110 for a initial target of 24665 - 24555 and sustaining / closing below it we can see a further move till 24170 - 23750.  Bank Nifty had confirmed our monthly longs and tested our next targets of 26890 - 27310 with a high of 26972 .


Bank Nifty Spot Levels for the week are

Long above 25985 , Tgt 26055 - 26105 - 26160

IF Bank Nifty spot manages to get a close / sustain above 26240 then 

long again for 26285 - 26450 - 26625

Short below 25765 , Tgt 25695 - 25645 - 25590

IF Bank Nifty spot manages to get a close / sustain below 25510 then 

short again for 25465 - 25305 - 25125


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 .

If you want to see the post in your Inbox , kindly register by adding your email id in  the 'Subscribe to my posts' section on the top right side of the blog.


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.