Tuesday, 2 May 2017

Weekly Spot Outlook of Bank Nifty for 02nd to 05th May

BANK NIFTY

This week Bank Nifty spot went up 832  points over last weeks close and finally ended the week with a gain of 807 points compared to last weekly closing . 


As per levels given for the previous week Bank Nifty Spot needed to break and sustain above 21647 to confirm uptrend and Bank Nifty spot needed to break and sustain below 21456 to confirm downtrend for the week. Bank Nifty made a high of 22383  and a low of 21578.65


This week Bank Nifty triggered our long trade and completed all our targets giving around 350 points and further exceeded it by 425 points . As mentioned in the previous weekly post " We are entering the expiry week for this month and we can expect selling pressure if Bank Nifty breaks and sustains below 21350  " and we saw Bank Nifty give a big upmove without even testing our weekly sell levels.


Had mentioned last month 'For the month of April we can expect uptrend in Bank Nifty spot on a consecutive close above 21805 and we can expect downtrend in Bank Nifty spot on a consecutive close below 21083 ' and we got nearly 575+ points once it closed above 21805 in April . Those who are holding longs should keep a trailing cbsl of 22225 .


In the coming week Bank Nifty spot needs to break and sustain above 22488 to confirm uptrend and then one can expect a move till 22626 initially and breaking and sustaining above 22661 will give further confirmation of the next move which can take us till 22909. Similarly Bank Nifty spot needs to break and sustain below 22228 to confirm downtrend and then one can expect a move till 22091 initially and breaking and sustaining below 22056 will give further confirmation of the next move which can take us down till 21807 . 


Bank Nifty Spot Levels for the week are

Long above 22439 , Tgt 22488 - 22529 - 22569

IF Bank Nifty spot manages to get a close / sustain above 22626 then 

long again for 22661 - 22779 - 22909

Short below 22278 , Tgt 22228 - 22188 - 22148

IF Bank Nifty spot manages to get a close / sustain below 22091 then 

short again for 22056 - 21937 - 21807


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 .

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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.