Weekly Spot Outlook Of Bank Nifty for 04th to 08th May

In the previous week : 

Bank Nifty went up by 2380 points before finally ending the week higher by 1948 points compared to its last weekly closing. 

Bank Nifty triggered our long trade as per levels given last week and did 1950 points . 

Bank Nifty had made a life time high of 32613.10 on 30th December and has been trading sideways to negative since then .

Bank Nifty for this week :

• Sustaining above 21925 enter for 22165 - 22355 - 22550 

• Further sustaining above 22825 enter for 22995 - 23565 - 24195

• Sustaining below 21145 enter for 20905 - 20715 - 20520

• Further sustaining below 20245 enter for 20075 - 19505 - 18875

Looking at the SGX Nifty now it seems that we might most weekly short targets getting done in a gap down.

As per weekly closing we can see some support near 19720 - 19480 which should be watched in a dip this week.

How to use these levels  

• For longs/shorts enter on breaking above the first weekly levels mentioned and hold on sustaining above /below the highlighted green/red level and look to book partly/fully once it completes its initial 3 targets . Re-enter if price again breaks above/below the further first level mentioned and hold on sustaining above/below the highlighted green/red level for next targets

For this month :

• Bank Nifty longs will get confirmed with a consecutive close above 22835 for a initial target of 24210 - 24560 and sustaining / closing above 24560 we can see a further move till 25740 - 27040 .  

• Bank Nifty shorts will get confirmed with a consecutive close below 20235 for  a initial target of 18860 - 18515 and sustaining / closing below 18515 we can see a further move till 17330 - 16030.

We had mentioned that longs should be cautious around the resistance levels of 22080 and we saw Nifty make a high of 21967 last week coming close to it. 

Closing consecutively above 22080 we can see a move till 22830 - 23120 where Bank Nifty has its next  strong resistance .

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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.