Sunday, 3 November 2019

Weekly Spot Outlook Of Bank Nifty For 04th to 08th Nov

BANK NIFTY

This past week Bank Nifty spot went down by 98 points then went up by 932 points before finally ending the week with a gain of 847 points compared to last weekly closing.

Bank Nifty made a high of 30415.65 and made a low of 29385.45 in the previous week. 


Had mentioned in previous weekly post that to confirm a long trade Bank Nifty needs to sustain /close above 29630 to enter for a test of 29875 - 29940 initially and above it further till 30155 - 30390 and to confirm a short trade Bank Nifty needs to sustain/close below 29160 to test 28915 - 28850 initially and below it further till 28640 - 28405 , and Bank Nifty triggered our long trade and completed all our targets giving 800+ points from the weekly long trade. 


For this week :

Those who are looking to enter fresh longs should wait for Bank Nifty to sustain / close above 30550 and then enter for a initial target of 30770 - 30830 and look to hold further only on sustaining or getting a close above 30830 for the next targets of 31020 - 31230. 

&

Those who are looking to enter fresh short should wait for Bank Nifty to sustain / close below 30110 and then enter for a initial target of 29890 - 29830 and look to hold further only on sustaining or getting a close below 29830 for the next targets of 29640 - 29430.


For this month :

For the month of November , longs will be confirmed in Bank Nifty with a consecutive close above 30495 for a initial target of 30950 - 31065 and sustaining / closing above 31065 we can see a further move till 31455 - 31880 . Similarly Bank Nifty shorts will be confirmed with a consecutive close below 29640 for a initial target of 29185 - 29070 and sustaining / closing below 29070 we can see a further move till 28680 - 28250.




Bank Nifty has immediate resistance at 30330 - 30495 zone and it needs to sustain or give a consecutive close above 30495 for a further upmove towards 30950 - 31065 .

On the downside Bank Nifty has immediate support near 29800 - 29635 and it needs to sustain or give a consecutive close below 29635 for a further downmove towards 29185 - 29070 .


Bank Nifty Spot Levels for the week are

Long above 30465 , Tgt 30550 - 30610 - 30675

IF Bank Nifty spot manages to get a close / sustain above 30770 then 

long again for 30830 - 31020 - 31230

Short below 30200 , Tgt 30110 - 30050 - 29985

IF Bank Nifty spot manages to get a close / sustain below 29890 then 

short again for 29830 - 29640 - 29430


We have a Telegram Channel under the name of Simply Trade Stocks where live trading ideas are shared. Those who wish to join can click on this link " https://t.me/simplytradestocks " and open it with telegram .



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 .

If you want to see the post in your Inbox , kindly register by adding your email id in  the 'Subscribe to my posts' section on the top right side of the blog.

No comments:

Post a Comment