Friday, 23 November 2018

Weekly Spot Outlook of Bank Nifty for 26th to 30th Nov

BANK NIFTY

This week Bank Nifty spot went up by 134 points , then went down by 298 points before finally ending the week with a loss of 246 points compared to last weekly closing.

As per levels given for the previous week Bank Nifty Spot needed to sustain and close above 26405 to trigger uptrend and Bank Nifty spot needed to sustain and close below 26090 to trigger downtrend for the week. Bank Nifty made a high of 26379.10 and made a low of 25947.85 for the week. 


As mentioned in the previous week "Now in the coming week Bank Nifty needs to break and sustain / close above 26405 for a test of 26565 - 26610 initially and closing above it we can see a further move till 26750 - 26905. Similarly on sustaining / closing below 26090 we can see a test of 25925 - 25885 initially and closing below it we can see a test of 25740 - 25585 . Those who are looking to enter fresh long positions should wait for Bank Nifty to sustain / close above 26405 and enter with a stoploss of 26295 for a initial target of 26565 - 26610 and look to hold further only on getting a close above the initial target zone . Those who are looking to enter fresh shorts should wait for Bank Nifty to sustain / close below 26090 and enter with a stoploss of 26200 for a initial target of 25925 - 25885 and look to hold further only on getting a close below the initial target zone . " and Bank Nifty confirmed our short trade and did 200 points .


Now in the coming week Bank Nifty needs to break and sustain / close above 26190 for a test of 26390 - 26440 initially and closing above it we can see a further move till 26610 - 26800. Similarly on sustaining / closing below 25810 we can see a test of 25610 - 25560 initially and closing below it we can see a test of 25390 - 25200 . Those who are looking to enter fresh long positions should wait for Bank Nifty to sustain / close above 26190 and enter with a stoploss of 26055 for a target of 26390 - 26440 and look to hold further only getting a close above the initial target zone . Those who are looking to enter fresh shorts should wait for Bank Nifty to sustain / close below 25810 and enter with a stoploss of 25945 for a target of 25610 - 25560 and look to hold further only on getting a close below the initial target zone . 


As mentioned earlier " For the month of November in Bank Nifty further longs will be confirmed with a consecutive close above 25850 for a initial target of 26355 - 26515 and sustaining / closing above it we can see a further move till 27045 - 27630. Similarly Bank Nifty shorts will be confirmed with a consecutive close below 24570 for a initial target of 23950 - 23795 and sustaining / closing below it we can see a further move till 23265 - 22680.  For the month of October Bank Nifty did not confirm a positional trade. " , and Bank Nifty made a high 26379.10 within our initial target zone and reversed.


Bank Nifty Spot Levels for the week are

Long above 26120 , Tgt 26190 - 26250 - 26305

IF Bank Nifty spot manages to get a close / sustain above 26390 then 

long again for 26440 - 26610 - 26800

Short below 25880 , Tgt 25810 - 25750 - 25695

IF Bank Nifty spot manages to get a close / sustain below 25610 then 

short again for 25560 - 25390 - 25200


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.