Saturday, 27 October 2018

Weekly Spot Outlook Of Bank Nifty for 29th Oct to 02nd Nov

BANK NIFTY

This week Bank Nifty spot went up by 419 points , then went down by 733 points before finally ending the week with a loss of 665 points compared to last weekly closing.


As per levels given for the previous week Bank Nifty Spot needed to sustain and close above 25500 to trigger uptrend and Bank Nifty spot needed to sustain and close below 24675 to trigger downtrend for the week. Bank Nifty made a high of 25504.75 and made a low of 24353.10 for the week . 


As mentioned in the previous weekly post " Now in the coming week Bank Nifty needs to break and sustain / close above 25500 for a test of 25935 - 26050 initially and closing above it we can see a further move till 26425 - 26835 . Similarly on sustaining / closing below 24675 we can see a test of 24235 - 24125 initially and closing below it we can see a test of 23750 - 23335. Those who are looking to enter fresh long positions should wait for Bank Nifty to sustain / close above 25500 and enter with a stoploss of 25325 and look to hold further only on getting a close above 25935 - 26050 zone. Those who are looking to enter fresh shorts should wait for Bank Nifty to sustain / close below 24675 and enter with a stoploss of 24850 and look to hold further only on getting a close below 24235 - 24125 zone . " , and Bank Nifty reversed from 25500 levels to trigger our weekly shorts and made a low of 24353.10 giving 450 points . 


Now in the coming week Bank Nifty needs to break and sustain / close above 24615 for a test of 24820 - 24870 initially and closing above it we can see a further move till 25045 - 25235. Similarly on sustaining / closing below 24230 we can see a test of 24025 - 23975 initially and closing below it we can see a test of 23800 - 23605 . Those who are looking to enter fresh long positions should wait for Bank Nifty to sustain / close above 24615 and enter with a stoploss of 24480 and look to hold further only getting a close above 24820 - 24870 zone . Those who are looking to enter fresh shorts should wait for Bank Nifty to sustain / close below 24230 and enter with a stoploss of 24360 and look to hold further only on getting a close below 24025 - 23975 zone . 

Also as mentioned at the beginning of the month " 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 .  " , and Bank Nifty closed at 24421.05 on Friday and it needs to give a consecutive close below 24460 to confirm short trade .  Bank Nifty had been holding more strongly throughout October series compared to the Nifty  . Now we will need a consecutive close below 24460 to take short positions .


Bank Nifty Spot Levels for the week are

Long above 24540 , Tgt 24615 - 24675 - 24735

IF Bank Nifty spot manages to get a close / sustain above 24820 then 

long again for 24870 - 25045 - 25235

Short below 24300 , Tgt 24230 - 24170 - 24110

IF Bank Nifty spot manages to get a close / sustain below 24025 then 

short again for 23975 - 23800 - 23605


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.