Saturday, 2 February 2019

Weekly Spot Outlook Of Bank Nifty for 04th to 08th Feb

BANK NIFTY

This week Bank Nifty spot went down by 674 points , then went up by 448 points  before finally ending the week with a loss of 29 points compared to last weekly closing.

As per levels given for the previous week Bank Nifty Spot needed to sustain and close above 27230 to confirm uptrend and Bank Nifty spot needed to sustain and close below 27000 to confirm downtrend for the week. Bank Nifty made a high of 27533.05 and made a low of 26441.05 for the week. 


Had mentioned in previous weekly post that Bank Nifty needs to sustain above 27230 to test 27355 - 27385 initially and above it further till 27490 - 27605 and Bank Nifty needs to sustain below 27000 to test 26875 - 26845 initially and below it further till 26740 - 26625 , and Bank Nifty initially triggered our short trade and completed all our targets giving 500+ points. It then reversed and triggered our long trade and nearly completed all our long targets too giving around 325+ points as we had budget on Friday. 


Now in the coming week Bank Nifty needs to break and sustain / close above 27350 for a test of 27625 - 27700 initially and closing above it we can see a further move till 27935 - 28200. Similarly on sustaining / closing below 26820 we can see a test of 26545 - 26475 initially and closing below it we can see a test of 26235 - 25975 . 

Those who are looking to enter fresh long positions should wait for Bank Nifty to sustain / close above 27300 and enter with a stoploss of 27165 for a initial target of 27625 - 27700 and look to hold further on getting a close above 27700 . 

Those who are looking to enter fresh short positions should wait for Bank Nifty to sustain / close below 26870 and enter with a stoploss of 27005 for a initial target of 26545 - 26475 and look to hold further on getting a close below 26475 . 


For the month of February , longs will be confirmed in Bank Nifty with a consecutive close above 27835 for a initial target of 28410 - 28550 and sustaining / closing above it we can see a further move till 29045 - 29585 . Similarly Bank Nifty shorts will be confirmed with a consecutive close below 26755 for a initial target of 26185 - 26040 and sustaining / closing below it we can see a further move till 25550 - 25010.  

Bank Nifty now has good support at 26820 - 26755 and it needs to hold above these on closing for a upmove to come and failing to do so we can see a further correction towards the levels mentioned above for the week / month .


Bank Nifty Spot Levels for the week are

Long above 27250 , Tgt 27350 - 27430 - 27510

IF Bank Nifty spot manages to get a close / sustain above 27625 then 

long again for 27700 - 27935 - 28200

Short below 26920 , Tgt 26820 - 26740 - 26660

IF Bank Nifty spot manages to get a close / sustain below 26545 then 

short again for 26475 - 26235 - 25975



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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