Weekly Spot Outlook of Bank Nifty for 31st Aug to 04th Sep

BANK NIFTY

This week Bank Nifty spot went down 22 points over last weeks close and went up by 775 points and finally ended the week with a gain of 554 points compared to last weekly closing . 

As per levels given for the previous week Bank Nifty Spot needed to break and sustain above 24335 to confirm uptrend and Bank Nifty spot needed to break and sustain below 24180 to confirm downtrend for the week. Bank Nifty made a new life time high of 25032.25  and a low of 24234.65 . 

Bank Nifty broke above the much awaited 25000 mark this week . Bank Nifty triggered our weekly long trade and not only completed all our weekly long targets giving 280 points but also exceeded it by more than 400 points . Those who followed the daily levels after the weekly last target was achieved were able to take good points .  Had mentioned in the previous weekly post "  Now in the coming week Bank Nifty needs to break and sustain / close above  24335 for a test of 24415 - 24435 levels and above it we can see a further move of 24510 - 24585 levels next . Similarly on sustaining / closing  below 24180 levels we can see a test of 24095 - 24075 levels initially and further below it we can test 24005 - 23925 . Those who are long should move up their cbsl to 24075 now  " and we saw Bank Nifty make a new life time high of 25032.25 last week .  

Now in the coming week Bank Nifty needs to break and sustain / close above 24915 for a test of 25020 - 25045 and above it we can see a further move till 25135 - 25235 . Similarly on sustaining / closing below 24710 we can see a test of 24605 - 24580 initially and further below it we can see a test of 24485 - 24390 .Those who are long should move up their cbsl to 24710 now.

Bank Nifty Spot Levels for the week are

Long above 24875 , Tgt 24915 - 24945 - 24975

IF Bank Nifty spot manages to get a close / sustain above 25020 then 

long again for 25045 - 25135 - 25235

Short below 24750 , Tgt 24710 - 24680 - 24650

IF Bank Nifty spot manages to get a close / sustain below 24605 then 

short again for 24580 - 24485 - 24390

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.