Saturday, 16 February 2019

Weekly Spot Outlook Of Bank Nifty from 18th to 22nd Feb

BANK NIFTY

This week Bank Nifty spot went up by 11 points , then went down by 659 points  before finally ending the week with a loss of 500 points compared to last weekly closing.

As per levels given for the previous week Bank Nifty Spot needed to sustain and close above 27490 to confirm uptrend and Bank Nifty spot needed to sustain and close below 27100 to confirm downtrend for the week. Bank Nifty made a high of 27305.90 and made a low of 26635.25 for the week. 


Had mentioned in previous weekly post that Bank Nifty needs to sustain above 27490 to test 27700 - 27750 initially and above it further till 27930 - 28125 and Bank Nifty needs to sustain below 27100 to test 26890 - 26840 initially and below it further till 26660 - 26465 , and Bank Nifty triggered our short trade and tested our next targets of 26660 - 26465 with a low of 26635.25 giving around 500+ points . 

Now in the coming week Bank Nifty needs to break and sustain / close above 26910 for a test of 27035 - 27065 initially and closing above it we can see a further move till 27170 - 27285. Similarly on sustaining / closing below 26680 we can see a test of 26555 - 26525 initially and closing below it we can see a test of 26420 - 26300 . 

Those who are looking to enter fresh long positions should wait for Bank Nifty to sustain / close above 26910 and enter with a stoploss of 26830 for a initial target of 27035 - 27065 and look to hold further on getting a close above 27065 . 

Those who are looking to enter fresh short positions should wait for Bank Nifty to sustain / close below 26680 and enter with a stoploss of 26760 for a initial target of 26555 - 26525 and look to hold further on getting a close below 26525 . 


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 26755 - 26680 and it needs to hold these levels on closing basis for a upmove to resume in the coming week . Breaking and sustaining / closing below 26680 can see a further downmove targeting 26185 - 26040 .

On the upside Bank Nifty has strong 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 26870 , Tgt 26910 - 26945 - 26985

IF Bank Nifty spot manages to get a close / sustain above 27035 then 

long again for 27065 - 27170 - 27285

Short below 26720 , Tgt 26680 - 26645 - 26605

IF Bank Nifty spot manages to get a close / sustain below 26555 then 

short again for 26525 - 26420 - 26300



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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