Saturday, 9 March 2019

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

BANK NIFTY

This week Bank Nifty spot went down by 86 points , then went up by 772 points  before finally ending the week with a gain of 718 points compared to last weekly closing.

As per levels given for the previous week Bank Nifty Spot needed to sustain and close above 27235 to confirm uptrend and Bank Nifty spot needed to sustain and close below 26850 to confirm downtrend for the week. Bank Nifty made a high of 27815.50 and made a low of 26958.10 for the week. 


Had mentioned in previous weekly post that Bank Nifty needs to sustain above 27235 to test 27435 - 27485 initially and above it further till 27660 - 27850 and Bank Nifty needs to sustain below 26850 to test 26650 - 26600 initially and below it further till 26430 - 26240 , and Bank Nifty triggered our long trade and nearly did all our targets of 27660 - 27850 with a high of 27815.50 giving 650 points . 

For the coming week :

Those who are looking to enter fresh longs should wait for Bank Nifty to sustain / close above 27985 and then enter for a initial target of 28215 - 28275 and look to hold further only on sustaining or getting a close above 28275 for the next targets of 28475 - 28695. 

&

Those who are looking to enter fresh short should wait for Bank Nifty to sustain / close below 27540 and then enter for a initial target of 27305 - 27245 and look to hold further only on sustaining or getting a close below 27245 for the next targets of 27045 - 26825.


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 27815.50 completing our initial targets and moving towards our next targets.  

Bank Nifty now has immediate support at 27305 - 27245 and it needs to hold these levels on a correction for the upmove to remain intact .

On the upside Bank Nifty has immediate resistance near 27905 - 27985 where shorts can get active again and moving past this resistance on good volumes can see a test of 28215 - 28275 - 28375 next .


Bank Nifty Spot Levels for the week are

Long above 27900 , Tgt 27985 - 28050 - 28120

IF Bank Nifty spot manages to get a close / sustain above 28215 then 

long again for 28275 - 28475 - 28695

Short below 27625, Tgt 27540 - 27475 - 27405

IF Bank Nifty spot manages to get a close / sustain below 27305 then 

short again for 27245 - 27045 - 26825



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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