Sunday, 10 June 2018

Weekly Spot Outlook of Bank Nifty For 11th to 15th Jun

BANK NIFTY

This week Bank Nifty spot went up by 355 points and then went down by 623 points , before finally ending the week with a loss of 241 points compared to last weekly closing.


As per levels given for the previous week Bank Nifty Spot needed to sustain and close above 27000 to trigger uptrend and Bank Nifty spot needed to sustain and close below 26390 to trigger downtrend for the week. Bank Nifty made a high of 27047.55 and made a low of 26069.55 


As mentioned in the previous weekly post " Now in the coming week Bank Nifty needs to break and sustain / close above 27000 for a test of 27320 - 27400 initially and closing above it we can see a further move till 27675 - 27980 . Similarly on sustaining / closing below 26390 we can see a test of 26065 - 25985 initially and closing below it we can see a test of 25710 - 25405 . Those who are holding longs should keep a trailing cbsl of 26390 and hold further only on getting a close above 26700 with a trailing cbsl of 26785. Those who are looking to enter fresh shorts should wait for a close below 26390 and enter with a cbsl of 26600. " , and Bank Nifty could not sustain / close above 27000 and reversed to make a low of  26069.55 testing our initial short target zone of 26065 - 25985 and took support to recover. 


Now in the coming week Bank Nifty needs to break and sustain / close above 26755 for a test of 27080 - 27160 initially and closing above it we can see a further move till 27440 - 27745. Similarly on sustaining / closing below 26145 we can see a test of 25825 - 25740 initially and closing below it we can see a test of 25465 - 25160 . Those who are looking to enter fresh long positions should wait for Bank Nifty to sustain / close above 26755 and enter with a cbsl of 26545 . Those who are looking to enter fresh shorts should wait for Bank Nifty to sustain / close below 26145 and enter with a cbsl of 26360 . 

For the month of June longs will be confirmed with a consecutive close above 27560 for a initial target of 28195 - 28360 and sustaining / closing above it we can see a further move till 28905 - 29510. Similarly shorts will be confirmed with a consecutive close below 26350 for a initial target of 25715 - 25555 and sustaining / closing below it we can see a further move till 25010 - 24405.  

Bank Nifty Spot Levels for the week are

Long above 26640 , Tgt 26755 - 26850 - 26945

IF Bank Nifty spot manages to get a close / sustain above 27080 then 

long again for 27160 - 27440 - 27745

Short below 26260 , Tgt 26145 - 26050 - 25960

IF Bank Nifty spot manages to get a close / sustain below 25825 then 

short again for 25740 - 25465 - 25160


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.