Saturday, 22 September 2018

Weekly Spot Outlook Of Bank Nifty for 24th to 28th Sep

BANK NIFTY

This week Bank Nifty spot went down by 2110 points , before finally ending the week with a loss of 1566 points compared to last weekly closing.


As per levels given for the previous week Bank Nifty Spot needed to sustain and close above 27400 to trigger uptrend and Bank Nifty spot needed to sustain and close below 26930 to trigger downtrend for the week. Bank Nifty made a high of 27002.60 and made a low of 25053.35 for the week . 

As mentioned in the previous weekly post " 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 on 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 . " , and we saw Bank Nifty trigger our weekly short trade and do 1875 points . Bank Nifty did a additional 1100 points below our last target due to the panic selling seen in housing finance companies and also big selling in yes bank , both of which were news based.


Now in the coming week Bank Nifty needs to break and sustain / close above 25875 for a test of 26165 - 26235 initially and closing above it we can see a further move till 26490 - 26765. Similarly on sustaining / closing below 25320 we can see a test of 25030 - 24955 initially and closing below it we can see a test of 24705 - 24430 . Those who are looking to enter fresh long positions should wait for Bank Nifty to sustain / close above 25875 and enter with a stoploss of 25680 and look to hold further only getting a close above 26165 - 26235 zone . Those who are looking to enter fresh shorts should wait for Bank Nifty to sustain / close below 25320 and enter with a stoploss of 25510 and look to hold further only on getting a close below 25030 - 24955 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 all our short targets with a low of 25053.35 giving us 2600 points . The additional 1400 points came on the back of panic selling witnessed on Friday in housing finance companies and yes bank , both of which were news based but rubbed off on many other stocks too . Now Bank Nifty has multiple resistances on the way up with initial resistance near 25770 - 25875 and above it near 26165 - 26235 zone. Bank Nifty has immediate support near 25425 - 25320 and below it near 25030 - 24955. 

Bank Nifty Spot Levels for the week are

Long above 25765 , Tgt 25875 - 25960 - 26045

IF Bank Nifty spot manages to get a close / sustain above 26165 then 

long again for 26235 - 26490 - 26765

Short below 25425 , Tgt 25320 - 25235 - 25150

IF Bank Nifty spot manages to get a close / sustain below 25030 then 

short again for 24955 - 24705 - 24430


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.