Weekly Spot Outlook Of Bank Nifty For 06th to 10th May

BANK NIFTY

This week Bank Nifty spot went down by 463 points , then went up by 108 points before finally ending the week with a loss of 59 points compared to last weekly closing.

As per levels given for the previous week Bank Nifty Spot needed to sustain and close above 30365 to confirm uptrend and Bank Nifty spot needed to sustain and close below 29660 to confirm downtrend for the week. Bank Nifty made a high of 30121.75 and made a low of 29550.05 for the week. 

Had mentioned in previous weekly post that Bank Nifty needs to sustain above 30365 to test 30740 - 30835 initially and above it further till 31155 - 31505 and Bank Nifty needs to sustain below 29660 to test 29290 - 29195 initially and below it further till 28875 - 28520 , and Bank Nifty triggered our short trade and gave 100 points intraday but did not give a close below our short confirmation indicating some support on the downside. 

For the coming week :

Those who are looking to enter fresh longs should wait for Bank Nifty to sustain / close above 30285 and then enter for a initial target of 30635 - 30720 and look to hold further only on sustaining or getting a close above 30720 for the next targets of 31020 - 31350. 

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Those who are looking to enter fresh short should wait for Bank Nifty to sustain / close below 29625 and then enter for a initial target of 29275 - 29190 and look to hold further only on sustaining or getting a close below 29190 for the next targets of 28885 - 28555.

For the month of May , longs will be confirmed in Bank Nifty with a consecutive close above 30505 for a initial target of 31285 - 31480 and sustaining / closing above it we can see a further move till 32155 - 32890 . Similarly Bank Nifty shorts will be confirmed with a consecutive close below 29025 for a initial target of 28245 - 28050 and sustaining / closing below it we can see a further move till 27380 - 26640.

On the upside Bank Nifty has immediate resistance near 30480 - 30505 and a strong close above it is required for a upmove this month . 

On the downside Bank Nifty has immediate support near 29420 - 29275 .

Bank Nifty Spot Levels for the week are

Long above 30160 , Tgt 30285 - 30385 - 30490

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

long again for 30720 - 31020 - 31350

Short below 29750 , Tgt 29625 - 29525 - 29420

IF Bank Nifty spot manages to get a close / sustain below 29275 then 

short again for 29190 - 28885 - 28555

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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