Weekly Spot Outlook Of Bank Nifty For 29th Jul to 02nd Aug

BANK NIFTY

This week Bank Nifty spot went down by 839 points before finally ending the week with a loss of 445 points compared to last weekly closing.

As per levels given for the previous week Bank Nifty Spot needed to sustain and close above 30020 to confirm uptrend and Bank Nifty spot needed to sustain and close below 29520 to confirm downtrend for the week. Bank Nifty made a high of 29635.15 and made a low of 28931.05 for the week. 

Had mentioned in previous weekly post that Bank Nifty needs to sustain above 30020 to test 30285 - 30355 initially and above it further till 30580 - 30830 and Bank Nifty needs to sustain below 29520 to test 29255 - 29185 initially and below it further till 28960 - 28710 , and Bank Nifty triggered our weekly short trade and did 550+ points . 

For the coming week :

Those who are looking to enter fresh longs should wait for Bank Nifty to sustain / close above 29625 and then enter for a initial target of 29940 - 30020 and look to hold further only on sustaining or getting a close above 30020 for the next targets of 30290 - 30590. 

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Those who are looking to enter fresh short should wait for Bank Nifty to sustain / close below 29025 and then enter for a initial target of 28715 - 28635 and look to hold further only on sustaining or getting a close below 28635 for the next targets of 28365 - 28065.

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 had confirmed our monthly shorts and completed all our targets and also exceeded it with a low of 28931.05  . 

Now on the downside Bank Nifty has immediate support near 28710 - 28510 which it needs to hold on closing basis on any further correction in the coming week for a bounce . Bank Nifty has immediate resistance at 29375 - 29575 zone which it needs to strongly close above in the coming week for the bounce to go towards 30000 - 30140 zone. 

Bank Nifty Spot Levels for the week are

Long above 29510 , Tgt 29625 - 29715 - 29805

IF Bank Nifty spot manages to get a close / sustain above 29940 then 

long again for 30020 - 30290 - 30590

Short below 29140 , Tgt 29025 - 28935 - 28845

IF Bank Nifty spot manages to get a close / sustain below 28715 then 

short again for 28635 - 28365 - 28065

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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