Weekly Spot Outlook Of Bank Nifty for 31st Dec to 04th Jan

BANK NIFTY

This week Bank Nifty spot went down by 461 points , then went up by 370 points  before finally ending the week with a gain of 256 points compared to last weekly closing.

As per levels given for the previous week Bank Nifty Spot needed to sustain and close above 27095 to confirm uptrend and Bank Nifty spot needed to sustain and close below 26645 to confirm downtrend for the week. Bank Nifty made a high of 27239.95 and made a low of 26408.15 for the week. 

In the previous had mentioned that "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 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 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 . " and Bank Nifty confirmed our weekly short trade and completed our initial targets of 26410 - 26350 with a low of 26408.15 and bounced back . 

Now in the coming week Bank Nifty needs to break and sustain / close above 27340 for a test of 27565 - 27625 initially and closing above it we can see a further move till 27820 - 28035. Similarly on sustaining / closing below 26910 we can see a test of 26685 - 26625 initially and closing below it we can see a test of 26430 - 26215 . Those who are looking to enter fresh long positions should wait for Bank Nifty to sustain / close above 27340 and enter with a stoploss of 27190 for a target of 27565 - 27625 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 26910 and enter with a stoploss of 27060 for a target of 26685 - 26625 and look to hold further only on getting a close below the initial target zone . 

For the month of January , longs will be confirmed in Bank Nifty with a consecutive close above 27290 for a initial target of 27725 - 27835 and sustaining / closing above it we can see a further move till 28210 - 28620 . Similarly Bank Nifty shorts will be confirmed with a consecutive close below 26465 for a initial target of 26035 - 25925 and sustaining / closing below it we can see a further move till 25550 - 25135. 

Bank Nifty is near its immediate resistance zone now of 27290 - 27340 and it needs to give a strong consecutive close above it this series for this upmove to go further towards 27725 - 27835 else we can see selling pressure begin again.

Bank Nifty Spot Levels for the week are

Long above 27260 , Tgt 27340 - 27405 - 27475

IF Bank Nifty spot manages to get a close / sustain above 27565 then 

long again for 27625 - 27820 - 28035

Short below 26990 , Tgt 26910 - 26845 - 26780

IF Bank Nifty spot manages to get a close / sustain below 26685 then 

short again for 26625 - 26430 - 26215

This is the last weekly post on Bank Nifty for this year and i would like to thank all the readers for their support towards the blog and i wish everyone a very happy , safe and prosperous new year 2019.

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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