Saturday, 16 November 2019

Weekly Spot Outlook Of Bank Nifty For 18th to 22nd Nov

BANK NIFTY

This past week Bank Nifty spot went up by 456 points then went down by 411 points before finally ending the week with a gain of 259 points compared to last weekly closing.

Bank Nifty made a high of 31205.20 and made a low of 30338.35 in the previous week. 


Had mentioned in previous weekly post that to confirm a long trade Bank Nifty needs to sustain /close above 30920 to enter for a test of 31095 - 31140 initially and above it further till 31295 - 31460 and to confirm a short trade Bank Nifty needs to sustain/close below 30580 to test 30400 - 30355 initially and below it further till 30205 - 30035 , and Bank Nifty initially triggered our long trade and completed our initial targets giving 200+ points and took our TSL. Bank Nifty then reversed to trigger our short trade and again did 225+ points completing our initial targets and again took our TSL. Post that Bank Nifty once again triggered our long trade and did 150+ points indicated a bit of indecisiveness on future trend. 


For this week :

Those who are looking to enter fresh longs should wait for Bank Nifty to sustain / close above 31295 and then enter for a initial target of 31595 - 31670 and look to hold further only on sustaining or getting a close above 31670 for the next targets of 31930 - 32210. 

&

Those who are looking to enter fresh short should wait for Bank Nifty to sustain / close below 30725 and then enter for a initial target of 30425 - 30350 and look to hold further only on sustaining or getting a close below 30350 for the next targets of 30090 - 29805.



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 completed our initial targets post confirming our monthly longs and given 700+ points for the month. It now needs to sustain above 31065 for the next move towards 31455 - 31880. 

Bank Nifty has outperformed the Nifty so far this month since Nifty is yet to even confirm its monthly long with a consecutive close above 12010. This is making us cautious for the coming week as without the Nifty joining in the upmove, Bank Nifty might not be able to sustain this outperformance .



Bank Nifty has immediate resistance near 31185 - 31295 and it needs to sustain / close above for a further upmove towards 31455 - 31670 levels.

Now on the downside Bank Nifty has immediate support near 30830 - 30725 and it needs to sustain or give a consecutive close below 30725 for a further downmove towards 30425 - 30350  levels initially. 


Bank Nifty Spot Levels for the week are

Long above 31185 , Tgt 31295 - 31380 - 31470

IF Bank Nifty spot manages to get a close / sustain above 31595 then 

long again for 31670 - 31930 - 32210

Short below 30830 , Tgt 30725 - 30635 - 30550

IF Bank Nifty spot manages to get a close / sustain below 30425 then 

short again for 30350 - 30090 - 29805


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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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Disclaimer : These are my personal views and one should do their own research before entering any trades based on them  . The use of the blog is agreement that the blog is for informational and educational purposes only and does not constitute advice in any form in the furtherance of any trade or trading decisions.

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