Sunday, 24 March 2019

Weekly Spot Outlook Of Bank Nifty for 25th to 29th Mar

BANK NIFTY

This week Bank Nifty spot went down by 20 points , then went up by 626 points before finally ending the week with a gain of 201 points compared to last weekly closing.

As per levels given for the previous week Bank Nifty Spot needed to sustain and close above 29590 to confirm uptrend and Bank Nifty spot needed to sustain and close below 29175 to confirm downtrend for the week. Bank Nifty made a high of 30008.10 and made a low of 29361.65 for the week. 


Had mentioned in previous weekly post that Bank Nifty needs to sustain above 29590 to test 29810 - 29865 initially and above it further till 30055 - 30265 and Bank Nifty needs to sustain below 29175 to test 28955 - 28895 initially and below it further till 28705 - 28500 , and Bank Nifty triggered our long trade and completed our initial targets and also nearly tested our next targets .


For the coming week :

Those who are looking to enter fresh longs should wait for Bank Nifty to sustain / close above 29815 and then enter for a initial target of 30060 - 30120 and look to hold further only on sustaining or getting a close above 30120 for the next targets of 30330 - 30560. 

&

Those who are looking to enter fresh short should wait for Bank Nifty to sustain / close below 29350 and then enter for a initial target of 29105 - 29045 and look to hold further only on sustaining or getting a close below 29045 for the next targets of 28835 - 28605.


Had mentioned " 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." , and Bank Nifty confirmed our long trade and made a high of 30008.10 completing all our targets and exceeding it by 1700 points by outperforming after the last few months of lagging behind Nifty. 

Bank Nifty now has immediate support at 29100 - 29030 and it needs to hold these levels on a correction for the upmove to resume .

On the upside Bank Nifty has immediate resistance near 29920 - 30250 where shorts can get active again and moving past this resistance on good volumes is required for further targets this month. 

Bank Nifty Spot Levels for the week are

Long above 29725 , Tgt 29815 - 29885 - 29955

IF Bank Nifty spot manages to get a close / sustain above 30060 then 

long again for 30120 - 30330 - 30560

Short below 29440, Tgt 29350 - 29280 - 29210

IF Bank Nifty spot manages to get a close / sustain below 29105 then 

short again for 29045 - 28835 - 28605



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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