Saturday, 23 February 2019

Weekly Spot Outlook Of Bank Nifty for 25th Feb to 01st Mar

BANK NIFTY

This week Bank Nifty spot went down by 176 points , then went up by 306 points  before finally ending the week with a gain of 73 points compared to last weekly closing.

As per levels given for the previous week Bank Nifty Spot needed to sustain and close above 26910 to confirm uptrend and Bank Nifty spot needed to sustain and close below 26680 to confirm downtrend for the week. Bank Nifty made a high of 27100.90 and made a low of 26617.70 for the week. 


Had mentioned in previous weekly post that Bank Nifty needs to sustain above 26910 to test 27035 - 27065 initially and above it further till 27170 - 27285 and Bank Nifty needs to sustain below 26680 to test 26555 - 26525 initially and below it further till 26420 - 26300 , and Bank Nifty initially triggered our short trade and did only 50 points and reversed . It then triggered our long trade and again did only 90 points . 

Now in the coming week Bank Nifty needs to break and sustain / close above 27030 for a test of 27195 - 27240 initially and closing above it we can see a further move till 27385 - 27540. Similarly on sustaining / closing below 26705 we can see a test of 26540 - 26495 initially and closing below it we can see a test of 26355 - 26195 . 

Those who are looking to enter fresh long positions should wait for Bank Nifty to sustain / close above 27030 and enter with a stoploss of 26915 for a initial target of 27195 - 27240 and look to hold further on getting a close above 27240 . 

Those who are looking to enter fresh short positions should wait for Bank Nifty to sustain / close below 26705 and enter with a stoploss of 26820 for a initial target of 26540 - 26495 and look to hold further on getting a close below 26495 . 


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 support at 26540 - 26420 initially and below it we can see a test of 26185 - 26040 .

On the upside Bank Nifty has  resistance near 27170 - 27285 where shorts will get active again incase it manages to move past 27035 - 27065 levels. 


Bank Nifty Spot Levels for the week are

Long above 26965 , Tgt 27030 - 27075 - 27125

IF Bank Nifty spot manages to get a close / sustain above 27195 then 

long again for 27240 - 27385 - 27540

Short below 26770 , Tgt 26705 - 26660 - 26610

IF Bank Nifty spot manages to get a close / sustain below 26540 then 

short again for 26495 - 26355 - 26195



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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