Sunday 1 July 2018

Weekly Spot Outlook of Bank Nifty for 02nd to 06th Jul

BANK NIFTY

This week Bank Nifty spot went up by 38 points and then went down by 606 points , before finally ending the week with a loss of 403 points compared to last weekly closing.


As per levels given for the previous week Bank Nifty Spot needed to sustain and close above 26930 to trigger uptrend and Bank Nifty spot needed to sustain and close below 26605 to trigger downtrend for the week. Bank Nifty made a high of 26804.90 and made a low of 26161 . 

As mentioned in the previous weekly post " Now in the coming week Bank Nifty needs to break and sustain / close above 26930 for a test of 27100 - 27140 initially and closing above it we can see a further move till 27290 - 27450 . Similarly on sustaining / closing below 26605 we can see a test of 26435 - 26390 initially and closing below it we can see a test of 26245 - 26085 . Those who are looking to enter fresh long positions should wait for Bank Nifty to sustain / close above 26930 and enter with a cbsl of 26715 . Those who are looking to enter fresh shorts should wait for Bank Nifty to sustain / close below 26605 and enter with a cbsl of 26820 . " , and Bank Nifty triggered our weekly short trade and made a low of 26161 nearly completing all our short targets. 

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 .

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 26470 , Tgt 26535 - 26585 - 26635

IF Bank Nifty spot manages to get a close / sustain above 26710 then 

long again for 26755 - 26905 - 27075

Short below 26260 , Tgt 26195 - 26145 - 26095

IF Bank Nifty spot manages to get a close / sustain below 26020 then 

short again for 25975 - 25820 - 25655


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.

No comments:

Post a Comment