Saturday, 22 June 2019

Weekly Spot Outlook of Bank Nifty for 24th to 28th Jun

BANK NIFTY

This week Bank Nifty spot went down by 393 points , it then went up by 210 points before finally ending the week with a gain of 14 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 30925 to test 31250 - 31335 initially and above it further till 31615 - 31925 and Bank Nifty needs to sustain below 30305 to test 29980 - 29895 initially and below it further till 29615 - 29305 , and Bank Nifty triggered our short trade but completed just 1 target showing strength . 


For the coming week :

Those who are looking to enter fresh longs should wait for Bank Nifty to sustain / close above 30885 and then enter for a initial target of 31155 - 31225 and look to hold further only on sustaining or getting a close above 31225 for the next targets of 31455 - 31710. 

&

Those who are looking to enter fresh short should wait for Bank Nifty to sustain / close below 30375 and then enter for a initial target of 30105 - 30035 and look to hold further only on sustaining or getting a close below 30035 for the next targets of 29805 - 29550.


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 30475 - 30375 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 30785 , Tgt 30885 - 30965 - 31040

IF Bank Nifty spot manages to get a close / sustain above 31155 then 

long again for 31225 - 31455 - 31710

Short below 30470 , Tgt 30375 - 30295 - 30215

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

short again for 30035 - 29805 - 29550



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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