Saturday, 15 June 2019

Weekly Spot Outlook of Bank Nifty for 17th to 21st Jun

BANK NIFTY

This week Bank Nifty spot went up by 333 points , it then went down by 558 points before finally ending the week with a loss of 452 points compared to last weekly closing.

As per levels given for the previous week Bank Nifty Spot needed to sustain and close above 31405 to confirm uptrend and Bank Nifty spot needed to sustain and close below 30725 to confirm downtrend for the week. Bank Nifty made a high of 31399.35 and made a low of 30508.95 for the week. 


Had mentioned in previous weekly post that Bank Nifty needs to sustain above 31405 to test 31765 - 31855 initially and above it further till 32160 - 32500 and Bank Nifty needs to sustain below 30725 to test 30370 - 30280 initially and below it further till 29970 - 29635 , and Bank Nifty triggered our short trade and completed our initial 3 targets giving 330+ points.

For the coming week :

Those who are looking to enter fresh longs should wait for Bank Nifty to sustain / close above 30925 and then enter for a initial target of 31250 - 31335 and look to hold further only on sustaining or getting a close above 31335 for the next targets of 31615 - 31925. 

&

Those who are looking to enter fresh short should wait for Bank Nifty to sustain / close below 30305 and then enter for a initial target of 29980 - 29895 and look to hold further only on sustaining or getting a close below 29895 for the next targets of 29615 - 29305.


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.




Now on the downside Bank Nifty has immediate strong support near 30590 - 30490 which it needs to hold this week for a bounce else we might see the correction extend further towards 29755 - 29545.  


Bank Nifty Spot Levels for the week are

Long above 30805 , Tgt 30925 - 31020 - 31115

IF Bank Nifty spot manages to get a close / sustain above 31250 then 

long again for 31335 - 31615 - 31925

Short below 30425 , Tgt 30305 - 30210 - 30115

IF Bank Nifty spot manages to get a close / sustain below 29980 then 

short again for 29895 - 29615 - 29305



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