Sunday, 3 December 2017

Weekly Spot Outlook of Bank Nifty for 04th to 08th Dec

BANK NIFTY

This week Bank Nifty spot went up by 174 points and went up by 627 points over last weeks close before finally ending the week with a loss of 588 points compared to last weekly closing.


As per levels given for the previous week Bank Nifty Spot needed to break and sustain above 25905 to confirm uptrend and Bank Nifty spot needed to break and sustain below 25655 to confirm downtrend for the week. Bank Nifty made a high of 25953.50 and a low of 25152.65 for the week . 


Bank Nifty this week triggered our weekly short trade and completed all our weekly short targets as per levels and also better it by another 120 points .  As mentioned in the previous weekly post " Now in the coming week Bank Nifty needs to break and sustain / close above 25905 for a test of 26025 - 26060 initially and above it we can see a further move till 26170 - 26290 . Similarly on sustaining / closing below 25655 we can see a test of 25530 - 25500 initially and further below it we can see a test of 25390 - 25270 . Those who are holding long positions with last weeks given cbsl of 25540 should trail their cbsl to 25655 now. Those who are looking to go short on rise in the coming week should keep a strict cbsl of 25905 spot or go short below 25660 .  "  and Bank Nifty took our trailing cbsl of longs at 25655 for positions entered in the dips near 25200 and also completed all our short targets as per weekly levels . Those who would have entered fresh shorts on the move till 25953 with the cbsl of 25905 given for taking fresh shorts would have got a additional few hundred points . 

Now in the coming week Bank Nifty needs to break and sustain / close above 25350 for a test of 25510 - 25550 initially and closing above it we can see a further move till 25690 - 26850. Similarly on sustaining / closing below 25035 we can see a test of 24875 - 24835 initially and closing below it we can see a test of 24690 - 24540 . Those who are holding short positions from last weeks confirmation below 25655 should keep a trailing cbsl of 25350 and should trail their cbsl further to 25145 once we get a close below 25035 this week . Fresh longs can be entered on sustaining / closing above 25350 and can be held on closing above 25555 . For a bigger upmove in December we need a consecutive close above 25655 . Those who are looking to go short on a bounce in the coming week should keep a strict cbsl of 25655 spot . We are in a sell on rise market for now till we get a consecutive close above 25655


Bank Nifty Spot Levels for the week are

Long above 25290 , Tgt 25350 - 25395 - 25440

IF Bank Nifty spot manages to get a close / sustain above 25510 then 

long again for 25550 - 25690 - 25850

Short below 25095 , Tgt 25035 - 24990 - 24940

IF Bank Nifty spot manages to get a close / sustain below 24875 then 

short again for 24835 - 24690 - 24540


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.