Saturday, 8 June 2019

Weekly Spot Outlook Of Bank Nifty For 10th to 14th Jun

BANK NIFTY

This week Bank Nifty spot went up by 377 points , it then went down by 748 points before finally ending the week with a loss of 309 points compared to last weekly closing.

As per levels given for the previous week Bank Nifty Spot needed to sustain and close above 31755 to confirm uptrend and Bank Nifty spot needed to sustain and close below 30995 to confirm downtrend for the week. Bank Nifty made a high of 31752.70 and made a low of 30627.05 for the week. 


Had mentioned in previous weekly post that Bank Nifty needs to sustain above 31755 to test 32160 - 32260 initially and above it further till 32605 - 32985 and Bank Nifty needs to sustain below 30995 to test 30595 - 30490 initially and below it further till 30145 - 29765 , and Bank Nifty triggered our short trade and completed our initial 3 targets and made a low just above 30595 . 

For the coming week :

Those who are looking to enter fresh longs should wait for Bank Nifty to sustain / close above 31405 and then enter for a initial target of 31765 - 31855 and look to hold further only on sustaining or getting a close above 31855 for the next targets of 32160 - 32500. 

&

Those who are looking to enter fresh short should wait for Bank Nifty to sustain / close below 30725 and then enter for a initial target of 30370 - 30280 and look to hold further only on sustaining or getting a close below 30280 for the next targets of 29970 - 29635.


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.


Had mentioned in the previous weekly post " 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." , and Bank Nifty made a low of 30627.05 last week.

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


Bank Nifty Spot Levels for the week are

Long above 31275 , Tgt 31405 - 31510 - 31615

IF Bank Nifty spot manages to get a close / sustain above 31765 then 

long again for 31855 - 32160 - 32500

Short below 30855 , Tgt 30725 - 30625 - 30520

IF Bank Nifty spot manages to get a close / sustain below 30370 then 

short again for 30280 - 29970 - 29635



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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