Sunday, 7 April 2019

Weekly Spot Outlook Of Bank Nifty for 08th to 12th Apr

BANK NIFTY

This week Bank Nifty spot went up by 221 points , then went down by 617 points before finally ending the week with a loss of 342 points compared to last weekly closing.

As per levels given for the previous week Bank Nifty Spot needed to sustain and close above 30705 to confirm uptrend and Bank Nifty spot needed to sustain and close below 30145 to confirm downtrend for the week. Bank Nifty made a high of 30648.10 and made a low of 29809.90 for the week. 


Had mentioned in previous weekly post that Bank Nifty needs to sustain above 30705 to test 31000 - 31075 initially and above it further till 31330 - 31660 and Bank Nifty needs to sustain below 30145 to test 29855 - 29780 initially and below it further till 29525 - 29245 , and Bank Nifty triggered our short trade and completed our initial targets giving 300+ points after taking resistance near our long confirmation levels. 


For the coming week :

Those who are looking to enter fresh longs should wait for Bank Nifty to sustain / close above 30350 and then enter for a initial target of 30635 - 30705 and look to hold further only on sustaining or getting a close above 30705 for the next targets of 30945 - 31215. 

&

Those who are looking to enter fresh short should wait for Bank Nifty to sustain / close below 29820 and then enter for a initial target of 29535 - 29465 and look to hold further only on sustaining or getting a close below 29465 for the next targets of 29225 - 28955.


For the month of April , longs will be confirmed in Bank Nifty with a consecutive close above 31005 for a initial target of 31615 - 31770 and sustaining / closing above it we can see a further move till 32295 - 32875 . Similarly Bank Nifty shorts will be confirmed with a consecutive close below 29850 for a initial target of 29240 - 29085 and sustaining / closing below it we can see a further move till 28560 - 27980.

Bank Nifty now has immediate support at 29850 - 29780 and it needs to hold these levels on a correction for the upmove to resume .

On the upside Bank Nifty has immediate resistance near 31000 - 31075 . 

Bank Nifty Spot Levels for the week are

Long above 30250 , Tgt 30350 - 30435 - 30515

IF Bank Nifty spot manages to get a close / sustain above 30635 then 

long again for 30705 - 30945 - 31215

Short below 29920 , Tgt 29820 - 29735 - 29655

IF Bank Nifty spot manages to get a close / sustain below 29535 then 

short again for 29465 - 29225 - 28955



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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