Saturday, 7 September 2019

Weekly Spot Outlook Of Bank Nifty For 09th to 13th Sep

BANK NIFTY

This past week Bank Nifty spot went down by 786 points before finally ending the week with a loss of 180 points compared to last weekly closing.

Bank Nifty made a high of 27311.05 and made a low of 26641.35 in the previous week. 


Had mentioned in previous weekly post that to confirm a long trade Bank Nifty needs to sustain /close above 27890 to enter for a test of 28385 - 28505 initially and above it further till 28930 - 29395 and to confirm a short trade Bank Nifty needs to sustain/close below 26965 to test 26475 - 26350 initially and below it further till 25925 - 25465 , and Bank Nifty confirmed our weekly short trade giving 300+ points.


For the coming week :

Those who are looking to enter fresh longs should wait for Bank Nifty to sustain / close above 27720 and then enter for a initial target of 28220 - 28345 and look to hold further only on sustaining or getting a close above 28345 for the next targets of 28775 - 29245. 

&

Those who are looking to enter fresh short should wait for Bank Nifty to sustain / close below 26775 and then enter for a initial target of 26275 - 26150 and look to hold further only on sustaining or getting a close below 26150 for the next targets of 25725 - 25250.


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 27540 , Tgt 27720 - 27865 - 28010

IF Bank Nifty spot manages to get a close / sustain above 28220 then 

long again for 28345 - 28775 - 29245

Short below 26955 , Tgt 26775 - 26630 - 26485

IF Bank Nifty spot manages to get a close / sustain below 26275 then 

short again for 26150 - 25725 - 25250



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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