Monday, 2 September 2019

Weekly Spot Outlook Of Bank Nifty For 03rd to 06th Sep

BANK NIFTY

This week Bank Nifty spot went down by 99 points and then went up by 1319 points before finally ending the week with a gain of 469 points compared to last weekly closing.

Bank Nifty made a high of 28277.70 and made a low of 26859.35 in the previous week. 


Had mentioned in previous weekly post that to confirm a long trade Bank Nifty needs to sustain /close above 27310 to enter for a test of 27680 - 27775 initially and above it further till 28095 - 28445 and to confirm a short trade Bank Nifty needs to sustain/close below 26605 to test 26235 - 26145 initially and below it further till 25825 - 25470 , and Bank Nifty confirmed our weekly long trade giving 900+ points.


For the coming week :

Those who are looking to enter fresh longs should wait for Bank Nifty to sustain / close above 27890 and then enter for a initial target of 28385 - 28505 and look to hold further only on sustaining or getting a close above 28505 for the next targets of 28930 - 29395. 

&

Those who are looking to enter fresh short should wait for Bank Nifty to sustain / close below 26965 and then enter for a initial target of 26475 - 26350 and look to hold further only on sustaining or getting a close below 26350 for the next targets of 25925 - 25465.


For the month of September , longs will be confirmed in Bank Nifty with a consecutive close above 28390 for a initial target of 29405 - 29660 and sustaining / closing above 29660 we can see a further move till 30535 - 31495 . Similarly Bank Nifty shorts will be confirmed with a consecutive close below 26465 for a initial target of 25450 - 25195 and sustaining / closing below 25195 we can see a further move till 24320 - 23360.



Bank Nifty has immediate resistance at 28030 - 28390 zone and it needs to give a consecutive close above it for a further upmove in the coming sessions.

On the downside Bank Nifty has immediate support near 26835 - 26465 and it needs to give a consecutive close below it for the correction to resume. 


Bank Nifty Spot Levels for the week are

Long above 27715 , Tgt 27890 - 28035 - 28180

IF Bank Nifty spot manages to get a close / sustain above 28385 then 

long again for 28505 - 28930 - 29395

Short below 27140 , Tgt 26965 - 26820 - 26675

IF Bank Nifty spot manages to get a close / sustain below 26475 then 

short again for 26350 - 25925 - 25465



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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