Weekly Spot Outlook Of Bank Nifty for 27th to 31st May

BANK NIFTY

This week Bank Nifty spot went up by 2255 points , before finally ending the week with a gain of 1762 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 29765 to test 30100 - 30185 initially and above it further till 30475 - 30780 and Bank Nifty needs to sustain below 29135 to test 28800 - 28715 initially and below it further till 28425 - 28110 , and Bank Nifty triggered our weekly long trade and gave 1900+ points exceeding 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 31750 and then enter for a initial target of 32320 - 32465 and look to hold further only on sustaining or getting a close above 32465 for the next targets of 32955 - 33495. 

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Those who are looking to enter fresh short should wait for Bank Nifty to sustain / close below 30675 and then enter for a initial target of 30105 - 29960 and look to hold further only on sustaining or getting a close below 29960 for the next targets of 29470 - 28930.

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 31285 - 31480 and a strong close above it is required for the next upmove towards 32000+ levels . 

On the downside Bank Nifty has immediate strong support near 30340 - 30220 which needs to hold incase of a correction for the upmove to resume.

Bank Nifty Spot Levels for the week are

Long above 31545 , Tgt 31750 - 31920 - 32085

IF Bank Nifty spot manages to get a close / sustain above 32320 then 

long again for 32465 - 32955 - 33495

Short below 30880 , Tgt 30675 - 30505 - 30340

IF Bank Nifty spot manages to get a close / sustain below 30105 then 

short again for 29960 - 29470 - 28930

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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