Sunday, 24 December 2017

Weekly Spot Outlook of Bank Nifty for 26th to 29th Dec

BANK NIFTY

This week Bank Nifty spot went down by 823 points and went up by 340 points over last weeks close before finally ending the week with a gain of 208 points compared to last weekly closing.


As per levels given for the previous week Bank Nifty Spot needed to break and sustain above 25655 to confirm uptrend and Bank Nifty spot needed to break and sustain below 25230 to confirm downtrend for the week. Bank Nifty made a high of 25780.05 and a low of 24617.15 for the week . 


Bank Nifty this week initially triggered our weekly short trade and nearly completed all weekly short targets as per levels and gave 700+ points and then took our TSL . Bank Nifty then triggered our weekly long trade and completed our initial 3 targets .  As mentioned in the previous weekly post " Now in the coming week Bank Nifty needs to break and sustain / close above 25655 for a test of 25870 - 25925 initially and closing above it we can see a further move till 26115 - 26325 . Similarly on sustaining / closing below 25230 we can see a test of 25010 - 24955 initially and closing below it we can see a test of 24765 - 24555 . Fresh longs can be entered on sustaining / closing above 25655 this week with a cbsl of 25430 and if Bank Nifty sustains / closes above 25930 - 26000 zone then the trailing cbsl should be kept at 25855 . Fresh shorts can be entered on sustaining / closing below 25230 . 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 25600 should keep a strict cbsl of 25655 spot or exit on sustaining above 25755 for 5 mins. Bank Nifty has resistance near 25930 - 26085 zone as per monthly levels and sustaining / closing above it is required for a test of 26325 - 26525 .  "  and Bank Nifty did not sustain above 25755 after breaking above it on 3 days and also did not give a consecutive close above 25655 in the previous week . Nifty made a new lifetime high but Bank Nifty has been lagging behind and we need to see Bank Nifty now move up for Nifty to move up further towards our next targets . 


Now in the coming week Bank Nifty needs to break and sustain / close above 25820 for a test of 26000 - 26050 initially and closing above it we can see a further move till 26205 - 26375. Similarly on sustaining / closing below 25475 we can see a test of 25295 - 25250 initially and closing below it we can see a test of 25095 - 24925 . Fresh longs can be entered on sustaining / closing above 25820 this week with a cbsl of 25700 and if Bank Nifty sustains / closes above 26000 - 26050 zone then the trailing cbsl should be moved to 25875 . Fresh shorts can be entered on sustaining / closing below 25475 . For a bigger upmove in December we need a consecutive close above 25655 . Bank Nifty has resistance near 25930 - 26085 zone as per monthly levels and sustaining / closing above it is required for a test of 26325 - 26525 .


Bank Nifty Spot Levels for the week are

Long above 25755 , Tgt 25820 - 25875 - 25925

IF Bank Nifty spot manages to get a close / sustain above 26000 then 

long again for 26050 - 26205 - 26375

Short below 25540 , Tgt 25475 - 25425 - 25370

IF Bank Nifty spot manages to get a close / sustain below 25295 then 

short again for 25250 - 25090 - 24920


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 and continue trailing it further .

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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.