Sunday, 23 December 2018

Weekly Spot Outlook Of Bank Nifty for 24th to 28th Dec

BANK NIFTY

This week Bank Nifty spot went up by 543 points , then went down by 3 points  before finally ending the week with a gain of 44 points compared to last weekly closing.

As per levels given for the previous week Bank Nifty Spot needed to sustain and close above 27140 to confirm uptrend and Bank Nifty spot needed to sustain and close below 26515 to confirm downtrend for the week. Bank Nifty made a high of 27369.10 and made a low of 26823.10 for the week. 


In the previous had mentioned that "Now in the coming week Bank Nifty needs to break and sustain / close above 27140 for a test of 27470 - 27550 initially and closing above it we can see a further move till 27835 - 28145. Similarly on sustaining / closing below 26515 we can see a test of 26185 - 26105 initially and closing below it we can see a test of 25820 - 25510 . Those who are looking to enter fresh long positions should wait for Bank Nifty to sustain / close above 27140 and enter with a stoploss of 26920 for a target of 27470 - 27550 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 26515 and enter with a stoploss of 26730 for a target of 26185 - 26105 and look to hold further only on getting a close below the initial target zone . " and Bank Nifty confirmed our weekly long trade and completed our initial targets giving 200 + points and then reversed on the back of weakness in global markets . Bank Nifty is still showing more strength than Bank Nifty.


Now in the coming week Bank Nifty needs to break and sustain / close above 27095 for a test of 27330 - 27390 initially and closing above it we can see a further move till 27595 - 27820. Similarly on sustaining / closing below 26645 we can see a test of 26410 - 26350 initially and closing below it we can see a test of 26145 - 25920 . 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 26940 for a target of 27330 - 27390 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 26645 and enter with a stoploss of 26800 for a target of 26410 - 26350 and look to hold further only on getting a close below the initial target zone . 


As mentioned " 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. " , and Bank Nifty came close to confirming our monthly longs and got sold into after making a high of 27369.10. Now with a truncated expiry week we can expect Bank Nifty to trade between 26380 - 27345 zone unless there is any major news flow .


Bank Nifty Spot Levels for the week are

Long above 27010 , Tgt 27095 - 27165 - 27235

IF Bank Nifty spot manages to get a close / sustain above 27330 then 

long again for 27390 - 27595 - 27820

Short below 26730 , Tgt 26645 - 26575 - 26505

IF Bank Nifty spot manages to get a close / sustain below 26410 then 

short again for 26350 - 26145 - 25920


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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