Saturday, 14 September 2019

Weekly Spot Outlook Of Bank Nifty for 16th to 20th Sep

BANK NIFTY

This past week Bank Nifty spot went down by 254 points , then went up by 879 before finally ending the week with a gain of 851 points compared to last weekly closing.

Bank Nifty made a high of 28126.85 and made a low of 26993.90 in the previous week. 


Had mentioned in previous weekly post that to confirm a long trade Bank Nifty needs to sustain /close above 27720 to enter for a test of 28220 - 28345 initially and above it further till 28775 - 29245 and to confirm a short trade Bank Nifty needs to sustain/close below 26775 to test 26275 - 26150 initially and below it further till 25725 - 25250 , and Bank Nifty confirmed our weekly long trade giving 400+ points.


For the coming week :

Those who are looking to enter fresh longs should wait for Bank Nifty to sustain / close above 28405 and then enter for a initial target of 28735 - 28815 and look to hold further only on sustaining or getting a close above 28815 for the next targets of 29095 - 29405. 

&

Those who are looking to enter fresh short should wait for Bank Nifty to sustain / close below 27790 and then enter for a initial target of 27465 - 27385 and look to hold further only on sustaining or getting a close below 27385 for the next targets of 27100 - 26795.


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 28290 , Tgt 28405 - 28500 - 28595

IF Bank Nifty spot manages to get a close / sustain above 28735 then 

long again for 28815 - 29095 - 29405

Short below 27905 , Tgt 27790 - 27695 - 27600

IF Bank Nifty spot manages to get a close / sustain below 27465 then 

short again for 27385 - 27100 - 26795



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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