Sunday, 10 November 2019

Weekly Spot Outlook Of Bank Nifty for 11th to 15th Nov

BANK NIFTY

This past week Bank Nifty spot went down by 317 points then went up by 778 points before finally ending the week with a gain of 419 points compared to last weekly closing.

Bank Nifty made a high of 31108.40 and made a low of 30013.65 in the previous week. 


Had mentioned in previous weekly post that to confirm a long trade Bank Nifty needs to sustain /close above 30550 to enter for a test of 30770 - 30830 initially and above it further till 31020 - 31230 and to confirm a short trade Bank Nifty needs to sustain/close below 30110 to test 29890 - 29830 initially and below it further till 29640 - 29430 , and Bank Nifty initially triggered our short trade and did 150 points and took our TSL. Bank Nifty then triggered our long trade and nearly complete all our targets giving 600+ 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 30920 and then enter for a initial target of 31095 - 31140 and look to hold further only on sustaining or getting a close above 31140 for the next targets of 31295 - 31460. 

&

Those who are looking to enter fresh short should wait for Bank Nifty to sustain / close below 30580 and then enter for a initial target of 30400 - 30355 and look to hold further only on sustaining or getting a close below 30355 for the next targets of 30205 - 30035.


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.




As mentioned in the previous weekly post "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 ." , and we saw Bank confirm our monthly longs and make a high of 31108.45 completing our initial targets but it also failed to give a close above 31065 to hold for a further upmove. Nifty failed to confirm our monthly long trade and that also put pressure on Bank Nifty.

Now on the downside Bank Nifty has immediate support near 30330 - 30200 and it needs to sustain or give a consecutive close below 30200 for a further downmove towards 29800 - 29635  and holding the same is required for the upmove to resume.


Bank Nifty Spot Levels for the week are

Long above 30855 , Tgt 30920 - 30970 - 31020

IF Bank Nifty spot manages to get a close / sustain above 31095 then 

long again for 31140 - 31295 - 31460

Short below 30645 , Tgt 30580 - 30530 - 30475

IF Bank Nifty spot manages to get a close / sustain below 30400 then 

short again for 30355 - 30205 - 30035


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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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