Sunday, 8 July 2018

Weekly Spot Outlook of Bank Nifty for 09th to 13th Jul

BANK NIFTY

This week Bank Nifty spot went down by 304 points and then went up by 246 points , before finally ending the week with a gain of 130 points compared to last weekly closing.


As per levels given for the previous week Bank Nifty Spot needed to sustain and close above 26535 to trigger uptrend and Bank Nifty spot needed to sustain and close below 26195 to trigger downtrend for the week. Bank Nifty made a high of 26609.85 and made a low of 26060 . 

As mentioned in the previous weekly post " Now in the coming week Bank Nifty needs to break and sustain / close above 26535 for a test of 26710 - 26755 initially and closing above it we can see a further move till 26905 - 27075 . Similarly on sustaining / closing below 26195 we can see a test of 26020 - 25975 initially and closing below it we can see a test of 25820 - 25655 . Those who are looking to enter fresh long positions should wait for Bank Nifty to sustain / close above 26535 and enter with a cbsl of 26415 . Those who are looking to enter fresh shorts should wait for Bank Nifty to sustain / close below 26195 and enter with a cbsl of 26315 . " , and we saw Bank Nifty could not close above 26535 or below 26195 this week to give a trade on either side indicating indecisiveness on the next direction.  

Now in the coming week Bank Nifty needs to break and sustain / close above 26610 for a test of 26735 - 26765 initially and closing above it we can see a further move till 26870 - 26985. Similarly on sustaining / closing below 26375 we can see a test of 26255 - 26225 initially and closing below it we can see a test of 26120 - 26000 . Those who are looking to enter fresh long positions should wait for Bank Nifty to sustain / close above 26610 and look to hold further only getting a close above 26735 - 26765 zone . Those who are looking to enter fresh shorts should wait for Bank Nifty to sustain / close below 26375 and look to hold further only on getting a close below 26255 - 26225 zone . 

For July Bank Nifty monthly longs will be confirmed with a consecutive close above 26715 for a initial target of 27080 - 27170 and sustaining / closing above it we can see a further move till 27485 - 27835. Similarly shorts will be confirmed with a consecutive close below 26015 for a initial target of 25650 - 25555 and sustaining / closing below it we can see a further move till 25240 - 24895.  


Bank Nifty Spot Levels for the week are

Long above 26565 , Tgt 26610 - 26645 - 26680

IF Bank Nifty spot manages to get a close / sustain above 26735 then 

long again for 26765 - 26870 - 26985

Short below 26420 , Tgt 26375 - 26340 - 26305

IF Bank Nifty spot manages to get a close / sustain below 26255 then 

short again for 25225 - 26120 - 26000


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.