Saturday, 29 June 2019

Weekly Spot Outlook Of Bank Nifty For 01st to 05th Jul

BANK NIFTY

This week Bank Nifty spot went down by 177 points , it then went up by 862 points before finally ending the week with a gain of 477 points compared to last weekly closing.

As per levels given for the previous week Bank Nifty Spot needed to sustain and close above 30885 to confirm uptrend and Bank Nifty spot needed to sustain and close below 30375 to confirm downtrend for the week. Bank Nifty made a high of 31490.60 and made a low of 30451.40 for the week. 


Had mentioned in previous weekly post that Bank Nifty needs to sustain above 30885 to test 31155 - 31225 initially and above it further till 31455 - 31710 and Bank Nifty needs to sustain below 30375 to test 30105 - 30035 initially and below it further till 29805 - 29550 , and Bank Nifty triggered our long trade and did 700 points . 


For the coming week :

Those who are looking to enter fresh longs should wait for Bank Nifty to sustain / close above 31300 and then enter for a initial target of 31505 - 31560 and look to hold further only on sustaining or getting a close above 31560 for the next targets of 31735 - 31930. 

&

Those who are looking to enter fresh short should wait for Bank Nifty to sustain / close below 30910 and then enter for a initial target of 30705 - 30655 and look to hold further only on sustaining or getting a close below 30655 for the next targets of 30475 - 30280.


For the month of July , longs will be confirmed in Bank Nifty with a consecutive close above 31510 for a initial target of 31935 - 32040 and sustaining / closing above it we can see a further move till 32410 - 32810 . Similarly Bank Nifty shorts will be confirmed with a consecutive close below 30700 for a initial target of 30275 - 30170 and sustaining / closing below it we can see a further move till 29800 - 29400.




Now on the downside Bank Nifty has immediate strong support near 30790 - 30700 which it needs to hold on closing basis in a correction for a bounce . 


Bank Nifty Spot Levels for the week are

Long above 31255 , Tgt 31300 - 31360 - 31420

IF Bank Nifty spot manages to get a close / sustain above 31505 then 

long again for 31560 - 31735 - 31930

Short below 30985 , Tgt 30910 - 30850 - 30790

IF Bank Nifty spot manages to get a close / sustain below 30705 then 

short again for 30655 - 30475 - 30280



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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