Friday, 20 September 2019

Weekly Spot Outlook Of Bank Nifty For 23rd to 27th Sep

BANK NIFTY

This past week Bank Nifty spot went down by 1456 points , then went up by 1320 before finally ending the week with a gain of 883 points compared to last weekly closing.

Bank Nifty made a high of 29418.95 and made a low of 26643.00 in the previous week. 


Had mentioned in previous weekly post that to confirm a long trade Bank Nifty needs to sustain /close above 28405 to enter for a test of 28735 - 28815 initially and above it further till 29095 - 29405 and to confirm a short trade Bank Nifty needs to sustain/close below 27790 to test 27465 - 27385 initially and below it further till 27100 - 26795 , and Bank Nifty initially confirmed our weekly short trade and completed all targets giving 1100 points on Thursday. On Friday on the back of the corporate tax reduction and other announcements made by the government and short covering Bank Nifty triggered our weekly long trade and again completed all our long targets giving 1000 points again .


For the coming week :

Those who are looking to enter fresh longs should wait for Bank Nifty to sustain / close above 29815 and then enter for a initial target of 30695 - 30915 and look to hold further only on sustaining or getting a close above 30915 for the next targets of 31675 - 32505. 

&

Those who are looking to enter fresh short should wait for Bank Nifty to sustain / close below 28150 and then enter for a initial target of 27270 - 27045 and look to hold further only on sustaining or getting a close below 27045 for the next targets of 26290 - 25460.


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.



As mentioned in the earlier posts " 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." , today Bank Nifty tested our initial targets and closed quite well above 28390 and sustaining above it in the coming sessions we can see it complete our initial monthly targets 

Also as mentioned in the previous posts "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. " , and we saw Bank Nifty test our support zone and held 26465 well and bounced back strongly.


Bank Nifty Spot Levels for the week are

Long above 29495 , Tgt 29815 - 30070 - 30330

IF Bank Nifty spot manages to get a close / sustain above 30695 then 

long again for 30915 - 31675 - 32505

Short below 28465 , Tgt 28150 - 27895 - 27635

IF Bank Nifty spot manages to get a close / sustain below 27270 then 

short again for 27045 - 26290 - 25460



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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