Saturday, 6 July 2019

Weekly Spot Outlook Of Bank Nifty for 08th to 12th Jul

BANK NIFTY

This week Bank Nifty spot went up by 555 points before finally ending the week with a gain of 371 points compared to last weekly closing.

As per levels given for the previous week Bank Nifty Spot needed to sustain and close above 31300 to confirm uptrend and Bank Nifty spot needed to sustain and close below 30910 to confirm downtrend for the week. Bank Nifty made a high of 31660.75 and made a low of 31105.10 for the week. 


Had mentioned in previous weekly post that Bank Nifty needs to sustain above 31300 to test 31505 - 31560 initially and above it further till 31735 - 31930 and Bank Nifty needs to sustain below 30910 to test 30705 - 30655 initially and below it further till 30475 - 30280 , and Bank Nifty triggered our long trade and did 300+ points . 


For the coming week :

Those who are looking to enter fresh longs should wait for Bank Nifty to sustain / close above 31630 and then enter for a initial target of 31800 - 31840 and look to hold further only on sustaining or getting a close above 31840 for the next targets of 31980 - 32140. 

&

Those who are looking to enter fresh short should wait for Bank Nifty to sustain / close below 31320 and then enter for a initial target of 31150 - 31110 and look to hold further only on sustaining or getting a close below 31110 for the next targets of 30970 - 30810.


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 31570 , Tgt 31630 - 31680 - 31730

IF Bank Nifty spot manages to get a close / sustain above 31800 then 

long again for 31840 - 31980 - 32140

Short below 31380 , Tgt 31320 - 31270 - 31220

IF Bank Nifty spot manages to get a close / sustain below 31150 then 

short again for 31110 - 30970 - 30810



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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