Saturday, 11 May 2019

Weekly Spot Outlook Of Bank Nifty For 13th to 17th May

BANK NIFTY

This week Bank Nifty spot went down by 1169 points , before finally ending the week with a loss of 914 points compared to last weekly closing.

As per levels given for the previous week Bank Nifty Spot needed to sustain and close above 30285 to confirm uptrend and Bank Nifty spot needed to sustain and close below 29625 to confirm downtrend for the week. Bank Nifty made a high of 29835.50 and made a low of 28784.65 for the week. 


Had mentioned in previous weekly post that Bank Nifty needs to sustain above 30285 to test 30635 - 30720 initially and above it further till 31020 - 31350 and Bank Nifty needs to sustain below 29625 to test 29275 - 29190 initially and below it further till 28885 - 28555 , and Bank Nifty triggered our weekly short trade and gave 900+ points for the week.  


For the coming week :

Those who are looking to enter fresh longs should wait for Bank Nifty to sustain / close above 29305 and then enter for a initial target of 29585 - 29655 and look to hold further only on sustaining or getting a close above 29655 for the next targets of 29900 - 30160. 

&

Those who are looking to enter fresh short should wait for Bank Nifty to sustain / close below 28775 and then enter for a initial target of 28495 - 28425 and look to hold further only on sustaining or getting a close below 28425 for the next targets of 28185 - 27920.


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 29305 - 29425 and a strong close above it is required for a resumption of upmove  . 

On the downside Bank Nifty has immediate support near 28810 - 28775 .


Bank Nifty Spot Levels for the week are

Long above 29205 , Tgt 29305 - 29390 - 29470

IF Bank Nifty spot manages to get a close / sustain above 29585 then 

long again for 29655 - 29900 - 30160

Short below 28875 , Tgt 28775 - 28695 - 28610

IF Bank Nifty spot manages to get a close / sustain below 28495 then 

short again for 28425 - 28185 - 27920



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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