Saturday, 13 July 2019

Weekly Spot Outlook Of Bank Nifty For 15th to 19th Jul

BANK NIFTY

This week Bank Nifty spot went down by 1129 points before finally ending the week with a loss of 874 points compared to last weekly closing.

As per levels given for the previous week Bank Nifty Spot needed to sustain and close above 31630 to confirm uptrend and Bank Nifty spot needed to sustain and close below 31320 to confirm downtrend for the week. Bank Nifty made a high of 31370.40 and made a low of 30346.70 for the week. 


Had mentioned in previous weekly post that Bank Nifty needs to sustain above 31630 to test 31800 - 31840 initially and above it further till 31980 - 32140 and Bank Nifty needs to sustain below 31320 to test 31150 - 31110 initially and below it further till 30970 - 30810 , and Bank Nifty triggered our weekly short trade and completed all targets and exceeded it too giving 1100  points . 


For the coming week :

Those who are looking to enter fresh longs should wait for Bank Nifty to sustain / close above 30895 and then enter for a initial target of 31205 - 31280 and look to hold further only on sustaining or getting a close above 31280 for the next targets of 31550 - 31840. 

&

Those who are looking to enter fresh short should wait for Bank Nifty to sustain / close below 30310 and then enter for a initial target of 30000 - 29920 and look to hold further only on sustaining or getting a close below 29920 for the next targets of 29655 - 29365.


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.

Bank Nifty confirmed our monthly shorts but fell short of completing our initial targets last week.




Now on the upside Bank Nifty has immediate resistance near 30980 - 31100 which it needs to strongly close above in the coming week on a bounce for longs . 


Bank Nifty Spot Levels for the week are

Long above 30785 , Tgt 30895 - 30985 - 31075

IF Bank Nifty spot manages to get a close / sustain above 31205 then 

long again for 31280 - 31550 - 31840

Short below 30420 , Tgt 30310 - 30220 - 30130

IF Bank Nifty spot manages to get a close / sustain below 30000 then 

short again for 29920 - 29655 - 29365



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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