Saturday, 15 September 2018

Weekly Spot Outlook Of Bank Nifty for 17th to 21st Sep

BANK NIFTY

This week Bank Nifty spot went down by 926 points , before finally ending the week with a loss of 318 points compared to last weekly closing.


As per levels given for the previous week Bank Nifty Spot needed to sustain and close above 27570 to trigger uptrend and Bank Nifty spot needed to sustain and close below 27395 to trigger downtrend for the week. Bank Nifty made a high of 27404.85 and made a low of 26555.15 for the week . 

As mentioned in the previous weekly post " Now in the coming week Bank Nifty needs to break and sustain / close above 27625 for a test of 27770 - 27810 initially and closing above it we can see a further move till 27935 - 28075 . Similarly on sustaining / closing below 27340 we can see a test of 27195 - 27155 initially and closing below it we can see a test of 27030 - 26890. Those who are looking to enter fresh long positions should wait for Bank Nifty to sustain / close above 27625 and enter with a stoploss of 27525 and look to hold further only on getting a close above 27770 - 27810 zone. Those who are looking to enter fresh shorts should wait for Bank Nifty to sustain / close below 27340 and enter with a stoploss of 27440 and look to hold further only on getting a close below 27195 - 27155 zone . " , and we saw Bank Nifty trigger our weekly short trade and do 840 points .


Now in the coming week Bank Nifty needs to break and sustain / close above 27400 for a test of 27645 - 27710 initially and closing above it we can see a further move till 27920 - 28155. Similarly on sustaining / closing below 26930 we can see a test of 26685 - 26620 initially and closing below it we can see a test of 26410 - 26175 . Those who are looking to enter fresh long positions should wait for Bank Nifty to sustain / close above 27400 and enter with a stoploss of 27235 and look to hold further only getting a close above 27645 - 27710 zone . Those who are looking to enter fresh shorts should wait for Bank Nifty to sustain / close below 26930 and enter with a stoploss of 27090 and look to hold further only on getting a close below 26685 - 26620 zone .   

As mentioned at the start of the month " For the month of September Bank Nifty monthly longs will be confirmed with a consecutive close above 28455 for a initial target of 28870 - 28975 and sustaining / closing above it we can see a further move till 29335 - 29725. Similarly Bank Nifty shorts will be confirmed with a consecutive close below 27670 for a initial target of 27255 - 27150 and sustaining / closing below it we can see a further move till 26790 - 26395.  For the month of August after the initial whipsaw Bank Nifty did 300 points on the long side . " , and Bank Nifty confirmed our short trade and completed our next targets of 26790 - 26395 with a low of 26555.15 . Now in this pullback Bank Nifty has resistance near 27425 - 27550 and above it near 27820 - 27940 zone.

Bank Nifty Spot Levels for the week are

Long above 27310 , Tgt 27400 - 27470 - 27540

IF Bank Nifty spot manages to get a close / sustain above 27645 then 

long again for 27710 - 27920 - 28155

Short below 27015 , Tgt 26930 - 26855 - 26785

IF Bank Nifty spot manages to get a close / sustain below 26685 then 

short again for 26620 - 26410 - 26175


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.