Saturday, 9 February 2019

Weekly Spot Outlook Of Bank Nifty for 11th to 15th Feb

BANK NIFTY

This week Bank Nifty spot went down by 260 points , then went up by 504 points  before finally ending the week with a gain of 208 points compared to last weekly closing.

As per levels given for the previous week Bank Nifty Spot needed to sustain and close above 27350 to confirm uptrend and Bank Nifty spot needed to sustain and close below 26820 to confirm downtrend for the week. Bank Nifty made a high of 27589.85 and made a low of 26825.55 for the week. 


Had mentioned in previous weekly post that Bank Nifty needs to sustain above 27350 to test 27625 - 27700 initially and above it further till 27935 - 28200 and Bank Nifty needs to sustain below 26820 to test 26545 - 26475 initially and below it further till 26235 - 25975 , and Bank Nifty took support just above our short trigger levels and reversed to trigger our long trade and did nearly 300 points . 

Now in the coming week Bank Nifty needs to break and sustain / close above 27490 for a test of 27700 - 27750 initially and closing above it we can see a further move till 27930 - 28125. Similarly on sustaining / closing below 27100 we can see a test of 26890 - 26840 initially and closing below it we can see a test of 26660 - 26465 . 

Those who are looking to enter fresh long positions should wait for Bank Nifty to sustain / close above 27490 and enter with a stoploss of 27355 for a initial target of 27700 - 27750 and look to hold further on getting a close above 27750 . 

Those who are looking to enter fresh short positions should wait for Bank Nifty to sustain / close below 27100 and enter with a stoploss of 27235 for a initial target of 26890 - 26840 and look to hold further on getting a close below 26840 . 


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 strong support at 26820 - 26755 and it needs to hold above these levels incase of a correction this week as closing below 26755 can open doors for a further downmove. 


Bank Nifty Spot Levels for the week are

Long above 27415 , Tgt 27490 - 27550 - 27610

IF Bank Nifty spot manages to get a close / sustain above 27700 then 

long again for 27750 - 27930 - 28125

Short below 27170 , Tgt 27100 - 27040 - 26975

IF Bank Nifty spot manages to get a close / sustain below 26890 then 

short again for 26840 - 26660 - 26465



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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