Weekly Spot Outlook Of Bank Nifty For 19th to 23rd Aug

BANK NIFTY

This week Bank Nifty spot went down by 748 points before finally ending the week with a loss of 215 points compared to last weekly closing.

As per levels given for the previous week Bank Nifty Spot needed to sustain and close above 28815 to confirm uptrend and Bank Nifty spot needed to sustain and close below 28045 to confirm downtrend for the week. Bank Nifty made a high of 28358.85 and made a low of 27683.50 for the week. 

Had mentioned in previous weekly post that Bank Nifty needs to sustain above 28815 to test 29225 - 29325 initially and above it further till 29675 - 30060 and Bank Nifty needs to sustain below 28045 to test 27640 - 27540 initially and below it further till 27190 - 26800 , and Bank Nifty confirmed our weekly short trade and nearly completed our initial short targets.

For the coming week :

Those who are looking to enter fresh longs should wait for Bank Nifty to sustain / close above 28630 and then enter for a initial target of 29065 - 29175 and look to hold further only on sustaining or getting a close above 29175 for the next targets of 29545 - 29960. 

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Those who are looking to enter fresh short should wait for Bank Nifty to sustain / close below 27805 and then enter for a initial target of 27370 - 27260 and look to hold further only on sustaining or getting a close below 27260 for the next targets of 26890 - 26480.

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 28470 , Tgt 28630 - 28755 - 28880

IF Bank Nifty spot manages to get a close / sustain above 29065 then 

long again for 29175 - 29545 - 29960

Short below 27960 , Tgt 27805 - 27680 - 27555

IF Bank Nifty spot manages to get a close / sustain below 27370 then 

short again for 27260 - 26890 - 26480

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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