Saturday, 1 December 2018

Weekly Spot Outlook Of Bank Nifty for 03rd to 07th Dec

BANK NIFTY

This week Bank Nifty spot went up by 1013 points ,  before finally ending the week with a gain of 864 points compared to last weekly closing.

As per levels given for the previous week Bank Nifty Spot needed to sustain and close above 26190 to trigger uptrend and Bank Nifty spot needed to sustain and close below 25810 to trigger downtrend for the week. Bank Nifty made a high of 27012.70 and made a low of 26025.05 for the week. 


In the previous had mentioned that "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 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 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 . " and Bank Nifty confirmed our long trade and completed all our weekly long targets and did 850+ points .


Now in the coming week Bank Nifty needs to break and sustain / close above 27095 for a test of 27345 - 27405 initially and closing above it we can see a further move till 27620 - 27855. Similarly on sustaining / closing below 26630 we can see a test of 26385 - 26320 initially and closing below it we can see a test of 26105 - 25875 . Those who are looking to enter fresh long positions should wait for Bank Nifty to sustain / close above 27095 and enter with a stoploss of 26935 for a target of 27345 - 27405 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 26630 and enter with a stoploss of 26790 for a target of 26385 - 26320 and look to hold further only on getting a close below the initial target zone . 


For the month of December , longs will be confirmed in Bank Nifty with a consecutive close above 27345 for a initial target of 27860 - 27990 and sustaining / closing above it we can see a further move till 28430 - 28915 . Similarly Bank Nifty shorts will be confirmed with a consecutive close below 26380 for a initial target of 25870 - 25740 and sustaining / closing below it we can see a further move till 25300 - 24815. 


Bank Nifty Spot Levels for the week are

Long above 27010 , Tgt 27095 - 27170 - 27240

IF Bank Nifty spot manages to get a close / sustain above 27345 then 

long again for 27405 - 27620 - 27855

Short below 26720 , Tgt 26630 - 26555 - 26485

IF Bank Nifty spot manages to get a close / sustain below 26385 then 

short again for 26320 - 26105 - 25875


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.