Sunday, 23 July 2017

Weekly Spot Outlook of Bank Nifty for 24th to 28th Jul

BANK NIFTY

This week Bank Nifty spot went down 24 points over last weeks close and went up by 362 points and finally ended the week with a gain of 319 points compared to last weekly closing . 


As per levels given for the previous week Bank Nifty Spot needed to break and sustain above 24045 to confirm uptrend and Bank Nifty spot needed to break and sustain below 23830 to confirm downtrend for the week. Bank Nifty made a new life time high of 24299.60  and a low of 23913.65


Bank Nifty triggered our weekly long trade and completed 5 targets giving around 275+ points from the weekly long trade .  Had mentioned in the previous weekly post "  Now in the coming week Bank Nifty needs to break and sustain / close above  24045 for a test of 24160 - 24190 levels and above it we can see a further move of 24285 - 24390 levels next . Similarly on sustaining / closing  below 23830 levels we can see a test of 23715 - 23690 levels initially and further below it we can test 23590 - 23485 . Those who are long should move up their cbsl to 23830 " and we saw Bank Nifty make a new life time high of 24299.60 last week and take resistance near our levels of 24285 - 24390 . 


Now in the coming week Bank Nifty needs to break and sustain / close above 24335 for a test of 24415 - 24435 and above it we can see a further move till 24510 - 24585 . Similarly on sustaining / closing below 24180 we can see a test of 24095 - 24075 initially and further below it we can see a test of 24005 - 23925 .Those who are long should move up their cbsl to 24075 now.


Bank Nifty Spot Levels for the week are

Long above 24305 , Tgt 24335 - 24360 - 24385

IF Bank Nifty spot manages to get a close / sustain above 24415 then 

long again for 24435 - 24510 - 24585

Short below 24210 , Tgt 24180 - 24155 - 24130

IF Bank Nifty spot manages to get a close / sustain below 24095 then 

short again for 24075 - 24005 - 23925


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.