Saturday, 25 August 2018

Weekly Spot Outlook Of Bank Nifty for 27th to 31st Aug

BANK NIFTY

This week Bank Nifty spot went up by 197 points , then went down by 345 points  before finally ending the week with a loss of 294 points compared to last weekly closing.


As per levels given for the previous week Bank Nifty Spot needed to sustain and close above 28355 to trigger uptrend and Bank Nifty spot needed to sustain and close below 27900 to trigger downtrend for the week. Bank Nifty triggered our short trade and did 110 points .

As mentioned in the previous weekly post " Now in the coming week Bank Nifty needs to break and sustain / close above 28355 for a test of 28595 - 28655 initially and closing above it we can see a further move till 28865 - 29090 . Similarly on sustaining / closing below 27900 we can see a test of 27660 - 27600 initially and closing below it we can see a test of 27395 - 27165. Those who are looking to enter fresh long positions should wait for Bank Nifty to sustain / close above 28355 with a stoploss of 28200 and look to hold further only on getting a close above 28595 - 28655 zone. Those who are looking to enter fresh shorts should wait for Bank Nifty to sustain / close below 27900 with a stoploss of 28060 and look to hold further only on getting a close below 27660 - 27600 zone . " , and we saw Bank Nifty trigger our weekly shorts and do 200 points .


Now in the coming week Bank Nifty needs to break and sustain / close above 28050 for a test of 28280 - 28335 initially and closing above it we can see a further move till 28530 - 28745. Similarly on sustaining / closing below 27620 we can see a test of 27390 - 27335 initially and closing below it we can see a test of 27140 - 26925 . Those who are looking to enter fresh long positions should wait for Bank Nifty to sustain / close above 28050 with a stoploss of 27900 and look to hold further only getting a close above 28280 - 28335 zone . Those who are looking to enter fresh shorts should wait for Bank Nifty to sustain / close below 27620 with a stoploss of 27770 and look to hold further only on getting a close below 27390 - 27335 zone . We are entering the expiry week and we might see a stronger move in Bank Nifty as it has not been able to match with the move in Nifty . Bank Nifty has stiff resistance near 28405 - 28490 zone and it needs to break and close above this range for any further upmove . Incase Bank Nifty fails to to break above the immediate resistance then Nifty might also not sustain at higher levels .  

As mentioned earlier " 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. " , and Bank Nifty triggered our monthly longs once and made a high of 28377.90 and then took our cbsl . Now Bank Nifty has support near 27570 - 27450 and holding this zone we can see it bounce back in an attempt to make a new high . 

Bank Nifty Spot Levels for the week are

Long above 27970 , Tgt 28050 - 28115 - 28185

IF Bank Nifty spot manages to get a close / sustain above 28280 then 

long again for 28335 - 28530 - 28745

Short below 27700 , Tgt 27620 - 27555 - 27485

IF Bank Nifty spot manages to get a close / sustain below 27390 then 

short again for 27335 - 27140 - 26925


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.