Saturday, 24 August 2019

Weekly Spot Outlook Of Bank Nifty For 26th to 30th Aug

BANK NIFTY

This week Bank Nifty spot went up by 251 points and then went down by 1656 points before finally ending the week with a loss of 1258 points compared to last weekly closing.

As per levels given for the previous week Bank Nifty Spot needed to sustain and close above 28630 to confirm uptrend and Bank Nifty spot needed to sustain and close below 27805 to confirm downtrend for the week. Bank Nifty made a high of 28468.90 and made a low of 26560.60 for the week. 


Had mentioned in previous weekly post that Bank Nifty needs to sustain above 28630 to test 29065 - 29175 initially and above it further till 29545 - 29960 and Bank Nifty needs to sustain below 27805 to test 27370 - 27260 initially and below it further till 26890 - 26480 , and Bank Nifty confirmed our weekly short trade and nearly completed our short targets giving 1000+ points.


For the coming week :

Those who are looking to enter fresh longs should wait for Bank Nifty to sustain / close above 27310 and then enter for a initial target of 27680 - 27775 and look to hold further only on sustaining or getting a close above 27775 for the next targets of 28095 - 28445. 

&

Those who are looking to enter fresh short should wait for Bank Nifty to sustain / close below 26605 and then enter for a initial target of 26235 - 26145 and look to hold further only on sustaining or getting a close below 26145 for the next targets of 25825 - 25470.


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 came close to our last target with a low of 26560.60 . For a further correction Bank Nifty has to give a close below 26605 and holding the same we can expect this bounce to go towards 27650 - 27750 levels .



Now on the downside Bank Nifty has immediate support near 26390 - 26280 which it needs to hold in the coming sessions for a good bounce . Bank Nifty has immediate resistance at 27680 - 27775 zone which it needs to strongly close above in the coming week for the bounce to extend  further towards 28100 - 28400 levels . 


Bank Nifty Spot Levels for the week are

Long above 27175 , Tgt 27310 - 27420 - 27525

IF Bank Nifty spot manages to get a close / sustain above 27680 then 

long again for 27775 - 28095 - 28445

Short below 26740 , Tgt 26605 - 26500 - 26390

IF Bank Nifty spot manages to get a close / sustain below 26235 then 

short again for 26145 - 25825 - 25470



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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