Weekly Spot Outlook of Bank Nifty for 06th to 10th Aug

BANK NIFTY

This week Bank Nifty spot went up by 239 points then went down by 306 points before finally ending the week with a gain of 61 points compared to last weekly closing.

As per levels given for the previous week Bank Nifty Spot needed to sustain and close above 27805 to trigger uptrend and Bank Nifty spot needed to sustain and close below 27460 to trigger downtrend for the week. Bank Nifty made a high of 27873.70 and made a high of 27327.95 

As mentioned in the previous weekly post " 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 on 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 . " , and we saw Bank Nifty initially trigger our weekly longs and our stoploss being hit and later on we saw Bank Nifty trigger our weekly shorts and again our stoploss got hit indicating uncertainity on the further move. Overall a bad week for Bank Nifty trades . With the uncertainity of the previous week we can expect a good directional move soon. 

Now in the coming week Bank Nifty needs to break and sustain / close above 27910 for a test of 28135 - 28195 initially and closing above it we can see a further move till 28385 - 28600. Similarly on sustaining / closing below 27480 we can see a test of 27255 - 27195 initially and closing below it we can see a test of 27005 - 26790 . Those who are looking to enter fresh long positions should wait for Bank Nifty to sustain / close above 27910 with a stoploss of 27760 and look to hold further only getting a close above 28135 - 28195 zone . Those who are looking to enter fresh shorts should wait for Bank Nifty to sustain / close below 27480 with a stoploss of 27630 and look to hold further only on getting a close below 27255 - 27195 zone . 

For August,  Bank Nifty monthly longs will be confirmed with a consecutive close above 28075 for a initial target of 28405 - 28490 and sustaining / closing above it we can see a further move till 28775 - 29085. Similarly shorts will be confirmed with a consecutive close below 27450 for a initial target of 27125 - 27040 and sustaining / closing below it we can see a further move till 26755 - 26445. 

Bank Nifty Spot Levels for the week are

Long above 27830 , Tgt 27910 - 27975 - 28040

IF Bank Nifty spot manages to get a close / sustain above 28135 then 

long again for 28195 - 28385 - 28600

Short below 27565 , Tgt 27480 - 27415 - 27350

IF Bank Nifty spot manages to get a close / sustain below 27255 then 

short again for 27195 - 27005 - 26790

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.