Weekly Spot Outlook Of Bank Nifty For 13th to 16th Aug

BANK NIFTY

This week Bank Nifty spot went down by 815 points then went up by 398 points before finally ending the week with a gain of 227 points compared to last weekly closing.

As per levels given for the previous week Bank Nifty Spot needed to sustain and close above 28450 to confirm uptrend and Bank Nifty spot needed to sustain and close below 27960 to confirm downtrend for the week. Bank Nifty made a high of 28602.75 and made a low of 27389.50 for the week. 

Had mentioned in previous weekly post that Bank Nifty needs to sustain above 28450 to test 28710 - 28780 initially and above it further till 29000 - 29250 and Bank Nifty needs to sustain below 27960 to test 27700 - 27630 initially and below it further till 27410 - 27160 , and Bank Nifty confirmed our weekly short trade and completed 5 targets giving  660+ points . Bank Nifty then reversed and confirmed our weekly long trade and completed 3 targets giving 250 points.

For the coming week :

Those who are looking to enter fresh longs should wait for Bank Nifty to sustain / close above 28815 and then enter for a initial target of 29225 - 29325 and look to hold further only on sustaining or getting a close above 29325 for the next targets of 29675 - 30060. 

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Those who are looking to enter fresh short should wait for Bank Nifty to sustain / close below 28045 and then enter for a initial target of 27640 - 27540 and look to hold further only on sustaining or getting a close below 27540 for the next targets of 27190 - 26800.

For the month of August , longs will be confirmed in Bank Nifty with a consecutive close above 29490 for a initial target of 30135 - 30300 and sustaining / closing above it we can see a further move till 30860 - 31470 . Similarly Bank Nifty shorts will be confirmed with a consecutive close below 28260 for a initial target of 27615 - 27450 and sustaining / closing below it we can see a further move till 26895 - 26280.

Bank Nifty had confirmed our monthly short trade and completed our initial targets with a low of 27389.50 . For a further correction Bank Nifty has to give a close below 27450 and holding the same we can expect this bounce .

Now on the downside Bank Nifty has immediate support near 27615 - 27450 which it needs to hold in the coming sessions else the correction can extend towards 26895 - 26280 .Bank Nifty has immediate resistance at 28690 - 28850 zone which it needs to strongly close above in the coming week for the bounce to extend . 

Bank Nifty Spot Levels for the week are

Long above 28670 , Tgt 28815 - 28935 - 29055

IF Bank Nifty spot manages to get a close / sustain above 29225 then 

long again for 29325 - 29675 - 30060

Short below 28195 , Tgt 28045 - 27930 - 27810

IF Bank Nifty spot manages to get a close / sustain below 27640 then 

short again for 27540 - 27190 - 26800

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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