Saturday, 1 June 2019

Weekly Spot Outlook of Bank Nifty for 03rd to 07th Jun

BANK NIFTY

This week Bank Nifty spot went down by 70 points , it then went up by 571 points before finally ending the week with a gain of 163 points compared to last weekly closing.

As per levels given for the previous week Bank Nifty Spot needed to sustain and close above 31750 to confirm uptrend and Bank Nifty spot needed to sustain and close below 30675 to confirm downtrend for the week. Bank Nifty made a high of 31783.60 and made a low of 30623.05 for the week. 


Had mentioned in previous weekly post that Bank Nifty needs to sustain above 31750 to test 32320 - 32465 initially and above it further till 32955 - 33495 and Bank Nifty needs to sustain below 30675 to test 30105 - 29960 initially and below it further till 29470 - 28930 , and Bank Nifty traded mostly between our long and short trigger levels indicating indecisiveness. 

For the coming week :

Those who are looking to enter fresh longs should wait for Bank Nifty to sustain / close above 31755 and then enter for a initial target of 32160 - 32260 and look to hold further only on sustaining or getting a close above 32260 for the next targets of 32605 - 32985. 

&

Those who are looking to enter fresh short should wait for Bank Nifty to sustain / close below 30995 and then enter for a initial target of 30595 - 30490 and look to hold further only on sustaining or getting a close below 30490 for the next targets of 30145 - 29765.


For the month of June , longs will be confirmed in Bank Nifty with a consecutive close above 32160 for a initial target of 32995 - 33205 and sustaining / closing above it we can see a further move till 33920 - 34710 . Similarly Bank Nifty shorts will be confirmed with a consecutive close below 30590 for a initial target of 29755 - 29545 and sustaining / closing below it we can see a further move till 28830 - 28045.


On the upside Bank Nifty has immediate resistance  near 32160 - 32260 and a strong close above it is required for a further upmove in the coming week and failing to do so we can see a correction till 30890 - 30590.

On the downside Bank Nifty has immediate strong support near 30590 - 30490 which it needs to hold incase of a correction else we might see the correction extend further. 


Bank Nifty Spot Levels for the week are

Long above 31610 , Tgt 31755 - 31875 - 31990

IF Bank Nifty spot manages to get a close / sustain above 32160 then 

long again for 32260 - 32605 - 32985

Short below 31140 , Tgt 30995 - 30880 - 30760

IF Bank Nifty spot manages to get a close / sustain below 30595 then 

short again for 30490 - 30145 - 29765



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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