Saturday, 20 April 2019

Weekly Spot Outlook Of Bank Nifty for 22nd to 26th Apr

BANK NIFTY

This week Bank Nifty spot went down by 19 points , then went up by 731 points before finally ending the week with a gain of 285 points compared to last weekly closing.

As per levels given for the previous week Bank Nifty Spot needed to sustain and close above 30145 to confirm uptrend and Bank Nifty spot needed to sustain and close below 29735 to confirm downtrend for the week. Bank Nifty made a high of 30669.80 and made a low of 29919.10 for the week. 


Had mentioned in previous weekly post that Bank Nifty needs to sustain above 30145 to test 30360 - 30415 initially and above it further till 30600 - 30805 and Bank Nifty needs to sustain below 29735 to test 29520 - 29465 initially and below it further till 29280 - 29075 , and Bank Nifty triggered our long trade and did 500+ points nearly completing all our weekly long targets.


For the coming week :

Those who are looking to enter fresh longs should wait for Bank Nifty to sustain / close above 30480 and then enter for a initial target of 30750 - 30820 and look to hold further only on sustaining or getting a close above 30820 for the next targets of 31050 - 31310. 

&

Those who are looking to enter fresh short should wait for Bank Nifty to sustain / close below 29965 and then enter for a initial target of 29695 - 29625 and look to hold further only on sustaining or getting a close below 29625 for the next targets of 29395 - 29140.


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 has so far held its immediate support at 29850 - 29780 on closing basis this month  and we saw it resume its upmove holding the same . Breaking below this support zone on closing we can see a test of its next support at 29520 - 29465.

On the upside Bank Nifty has immediate resistance near 31000 - 31075 and a strong close above it is required for a further upmove this month . 

Bank Nifty Spot Levels for the week are

Long above 30385 , Tgt 30480 - 30560 - 30640

IF Bank Nifty spot manages to get a close / sustain above 30750 then 

long again for 30820 - 31050 - 31310

Short below 30065 , Tgt 29965 - 29890 - 29810

IF Bank Nifty spot manages to get a close / sustain below 29695 then 

short again for 29625 - 29395 - 29140



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