Sunday, 3 March 2019

Weekly Spot Outlook of Bank Nifty for 05th to 08th Mar

BANK NIFTY

This week Bank Nifty spot went up by 330 points , then went down by 148 points  before finally ending the week with a gain of 176 points compared to last weekly closing.

As per levels given for the previous week Bank Nifty Spot needed to sustain and close above 27030 to confirm uptrend and Bank Nifty spot needed to sustain and close below 26705 to confirm downtrend for the week. Bank Nifty made a high of 27197.10 and made a low of 26719.40 for the week. 


Had mentioned in previous weekly post that Bank Nifty needs to sustain above 27030 to test 27195 - 27240 initially and above it further till 27385 - 27540 and Bank Nifty needs to sustain below 26705 to test 26540 - 26495 initially and below it further till 26355 - 26195 , and Bank Nifty triggered our long trade and tested our initial targets of 27195 - 27240 with a high of 27197.10 . 

For the coming week :

Those who are looking to enter fresh longs should wait for Bank Nifty to sustain / close above 27235 and then enter for a initial target of 27435 - 27485 and look to hold further only on sustaining or getting a close above 27485 for the next targets of 27660 - 27850. 

&

Those who are looking to enter fresh short should wait for Bank Nifty to sustain / close below 26850 and then enter for a initial target of 26650 - 26600 and look to hold further only on sustaining or getting a close below 26600 for the next targets of 26430 - 26240.


For the month of March , longs will be confirmed in Bank Nifty with a consecutive close above 27165 for a initial target of 27555 - 27655 and sustaining / closing above it we can see a further move till 27995 - 28365 . Similarly Bank Nifty shorts will be confirmed with a consecutive close below 26415 for a initial target of 26025 - 25925 and sustaining / closing below it we can see a further move till 25585 - 25215.  

Bank Nifty now has immediate support at 26650 - 26600 and it needs to hold these levels on a correction for the upmove to remain intact .

On the upside Bank Nifty has strong resistance near 27170 - 27235 where shorts can get active again and moving past this resistance on good volumes can see a test of 27475 - 27555 .


Bank Nifty Spot Levels for the week are

Long above 27165 , Tgt 27235 - 27295 - 27350

IF Bank Nifty spot manages to get a close / sustain above 27435 then 

long again for 27485 - 27660 - 27850

Short below 26925, Tgt 26850 - 26795 - 26735

IF Bank Nifty spot manages to get a close / sustain below 26650 then 

short again for 26600 - 26430 - 26240



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 .

If you want to see the post in your Inbox , kindly register by adding your email id in  the 'Subscribe to my posts' section on the top right side of the blog.

No comments:

Post a Comment