Friday, 18 January 2019

Weekly Spot Outlook Of Bank Nifty for 21st to 25th Jan

BANK NIFTY

This week Bank Nifty spot went down by 272 points , then went up by 158 points  before finally ending the week with a gain of 3 points compared to last weekly closing.

As per levels given for the previous week Bank Nifty Spot needed to sustain and close above 27650 to confirm uptrend and Bank Nifty spot needed to sustain and close below 27255 to confirm downtrend for the week. Bank Nifty made a high of 27611.55 and made a low of 27182.20 for the week. 


In the previous had mentioned that "Now in the coming week Bank Nifty needs to break and sustain / close above 27650 for a test of 27860 - 27910 initially and closing above it we can see a further move till 28090 - 28285. Similarly on sustaining / closing below 27255 we can see a test of 27050 - 27000 initially and closing below it we can see a test of 26820 - 26625 . Those who are looking to enter fresh long positions should wait for Bank Nifty to sustain / close above 27650 and enter with a stoploss of 27515 for a target of 27860 - 27910 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 27255 and enter with a stoploss of 27395 for a target of 27050 - 27000 and look to hold further only on getting a close below the initial target zone . " and Bank Nifty traded between our weekly long and short trigger levels indicating indecisiveness on further trend. 

Now in the coming week Bank Nifty needs to break and sustain / close above 27610 for a test of 27775 - 27815 initially and closing above it we can see a further move till 27955 - 28105. Similarly on sustaining / closing below 27300 we can see a test of 27140 - 27100 initially and closing below it we can see a test of 26960 - 26805 . Those who are looking to enter fresh long positions should wait for Bank Nifty to sustain / close above 27610 and enter with a stoploss of 27505 for a initial target of 27775 - 27815 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 27300 and enter with a stoploss of 27410 for a initial target of 27140 - 27100 and look to hold further only on getting a close below the initial target zone . 


As mentioned " 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. " , and Bank Nifty triggered our monthly long trade and made a high of 27754.25 completing our initial target of 27725 - 27835 . 

Bank Nifty has its immediate resistance zone now of 27725 - 27835 and it needs to give a strong  close above it to go further towards 28210 - 28620 else we can see selling pressure begin again.


Bank Nifty Spot Levels for the week are

Long above 27555 , Tgt 27610 - 27660 - 27705

IF Bank Nifty spot manages to get a close / sustain above 27775 then 

long again for 27815 - 27955 - 28105

Short below 27360 , Tgt 27300 - 27255 - 27210

IF Bank Nifty spot manages to get a close / sustain below 27140 then 

short again for 27100 - 26960 - 26805



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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