Saturday, 29 September 2018

Weekly Spot Outlook Of Bank Nifty for 01st to 05th Oct

BANK NIFTY

This week Bank Nifty spot went up by 53 points , then went down by 919 points before finally ending the week with a loss of 477 points compared to last weekly closing.


As per levels given for the previous week Bank Nifty Spot needed to sustain and close above 25875 to trigger uptrend and Bank Nifty spot needed to sustain and close below 25320 to trigger downtrend for the week. Bank Nifty made a high of 25649.70 and made a low of 24678.25 for the week . 

As mentioned in the previous weekly post " 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 on 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" , and we saw Bank Nifty trigger our weekly short trade and do 640 points .


Now in the coming week Bank Nifty needs to break and sustain / close above 25440 for a test of 25775 - 25860 initially and closing above it we can see a further move till 26150 - 26470. Similarly on sustaining / closing below 24800 we can see a test of 24465 - 24375 initially and closing below it we can see a test of 24090 - 23770 . Those who are looking to enter fresh long positions should wait for Bank Nifty to sustain / close above 25440 and enter with a stoploss of 25215 and look to hold further only getting a close above 25775 - 25860 zone . Those who are looking to enter fresh shorts should wait for Bank Nifty to sustain / close below 24800 and enter with a stoploss of 25025 and look to hold further only on getting a close below 24465 - 24375 zone .   

For the month of October Bank Nifty monthly longs will be confirmed with a consecutive close above 25780 for a initial target of 26480 - 26655 and sustaining / closing above it we can see a further move till 27255 - 27915. Similarly Bank Nifty shorts will be confirmed with a consecutive close below 24460 for a initial target of 23765 - 23585 and sustaining / closing below it we can see a further move till 22985 - 22325.  For the month of September Bank Nifty triggered our short trade and did 2000+ points on the short side .  Now Bank Nifty has immediate resistances for a bounce back near 25320 - 25440 .


Bank Nifty Spot Levels for the week are

Long above 25320 , Tgt 25440 - 25540 - 25635

IF Bank Nifty spot manages to get a close / sustain above 25775 then 

long again for 25860 - 26150 - 26470

Short below 24920 , Tgt 24800 - 24705 - 24605

IF Bank Nifty spot manages to get a close / sustain below 24465 then 

short again for 24375 - 24090 - 23770


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.