Sunday, 29 July 2018

Weekly Spot Outlook Of Bank Nifty for 30th July to 4th Aug

BANK NIFTY

This week Bank Nifty spot went down by 202 points then went up by 787 before finally ending the week with a gain of 761 points compared to last weekly closing.


As per levels given for the previous week Bank Nifty Spot needed to sustain and close above 27050 to trigger uptrend and Bank Nifty spot needed to sustain and close below 26695 to trigger downtrend for the week. Bank Nifty made a low of 26671.35 and made a high of 27661.05. 

As mentioned in the previous weekly post " Now in the coming week Bank Nifty needs to break and sustain / close above 27050 for a test of 27240 - 27390 initially and closing above it we can see a further move till 27450 - 27630 . Similarly on sustaining / closing below 26695 we can see a test of 26505 - 26460 initially and closing below it we can see a test of 26295 - 26115. Those who are looking to enter fresh long positions should wait for Bank Nifty to sustain / close above 27050 and with a stop loss of 26925 and look to hold further only on getting a close above 27240 - 27290 zone. Those who are looking to enter fresh shorts should wait for Bank Nifty to sustain / close below 26695 and enter with a stop loss of 26820 and look to hold further only on getting a close below 26505 - 26460 zone . " , and we saw Bank Nifty trigger our weekly shorts but could not sustain and reversed immediately to trigger our weekly longs  completing all our targets doing 760 points . 

Now in the coming week Bank Nifty needs to break and sustain / close above 27805 for a test of 27990 - 28035 initially and closing above it we can see a further move till 28195 - 28365. Similarly on sustaining / closing below 27460 we can see a test of 27275 - 27230 initially and closing below it we can see a test of 27075 - 26980 . Those who are looking to enter fresh long positions should wait for Bank Nifty to sustain / close above 27805 and look to hold further only getting a close above 27990 - 28035 zone . Those who are looking to enter fresh shorts should wait for Bank Nifty to sustain / close below 27460 and look to hold further only on getting a close below 27275 - 27230 zone . 

Had mentioned at the start of the month " 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." , and Bank Nifty confirmed our monthly longs and completed our initial targets of 27080 - 27170 and also did our next targets of 27486-27835  with a high of 27661.05 


Bank Nifty Spot Levels for the week are

Long above 27745, Tgt 27805 - 27860 - 27915

IF Bank Nifty spot manages to get a close / sustain above 27990 then 

long again for 28035 - 28195 - 28365

Short below 27525 , Tgt 27460 - 27405 - 27355

IF Bank Nifty spot manages to get a close / sustain below 27275 then 

short again for 27230 - 27075 - 26980


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.