Saturday, 8 September 2018

Weekly Spot Outlook Of Bank Nifty for 10th to 14th Sep

BANK NIFTY

This week Bank Nifty spot went up by 141 points , then went down by 926 points before finally ending the week with a loss of 580 points compared to last weekly closing.


As per levels given for the previous week Bank Nifty Spot needed to sustain and close above 28250 to trigger uptrend and Bank Nifty spot needed to sustain and close below 27870 to trigger downtrend for the week. Bank Nifty made a high of 28203.20 and made a low of 27136.05 for the week . 

As mentioned in the previous weekly post " Now in the coming week Bank Nifty needs to break and sustain / close above 28250 for a test of 28455 - 28505 initially and closing above it we can see a further move till 28675 - 28865 . Similarly on sustaining / closing below 27870 we can see a test of 27670 - 27620 initially and closing below it we can see a test of 27450 - 27260. Those who are looking to enter fresh long positions should wait for Bank Nifty to sustain / close above 28250 and enter with a stoploss of 28120 and look to hold further only on getting a close above 28455 - 28505 zone. Those who are looking to enter fresh shorts should wait for Bank Nifty to sustain / close below 27870 and enter with a stoploss of 28005 and look to hold further only on getting a close below 27670 - 27620 zone . " , and we saw Bank Nifty trigger our weekly short trade and do 800 points .


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 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 .  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 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 initial targets of 27255 - 27150 with a low of 27136.05 but failed to close below 27150 for us to expect the next targets and bounced back . Those who are looking to enter fresh shorts this week at higher levels inspite of weekly longs being triggered should keep a cbsl of 27940 .


Bank Nifty Spot Levels for the week are

Long above 27570 , Tgt 27625 - 27665 - 27710

IF Bank Nifty spot manages to get a close / sustain above 27770 then 

long again for 27810 - 27935 - 28075

Short below 27395 , Tgt 27340 - 27300 - 27255

IF Bank Nifty spot manages to get a close / sustain below 27195 then 

short again for 27155 - 27030 - 26890


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.