Sunday, 31 December 2017

Weekly Spot Outlook of Bank Nifty for 01st to 05th Jan 2018

Wishing all the readers in advance a Happy New Year !!!

BANK NIFTY

This week Bank Nifty spot went up by 85 points and went down by 231 points over last weeks close before finally ending the week with a decrease of 109 points compared to last weekly closing.


As per levels given for the previous week Bank Nifty Spot needed to break and sustain above 25820 to confirm uptrend and Bank Nifty spot needed to break and sustain below 25475 to confirm downtrend for the week. Bank Nifty made a high of 25733.20 and a low of 25417.40 for the week . 


Bank Nifty this week triggered our weekly short trade but did not confirm it by closing below 10475 inspite of breaking below on 3 consecutive days . As mentioned in the previous weekly post " 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 - 25520 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 kept at 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 . "  and Bank Nifty did not sustain below 25475 after breaking below it on 3 days . Nifty has been making new lifetime highs but Bank Nifty has been lagging behind and we need to see Bank Nifty move up for Nifty to continue further towards 10600 and above . 


Now in the coming week Bank Nifty needs to break and sustain / close above 25645 for a test of 25760 - 25785 initially and closing above it we can see a further move till 25880 - 25985. Similarly on sustaining / closing below 25435 we can see a test of 25320 - 25295 initially and closing below it we can see a test of 25200 - 25100 . Fresh longs can be entered on sustaining / closing above 25645 this week with a cbsl of 25570 and if Bank Nifty sustains / closes above 25760 - 25785 zone then the trailing cbsl should be moved to 25710 . Fresh shorts can be entered on sustaining / closing below 25435 . 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 .

In the month of January fresh longs can be considered on getting a consecutive close above 25760 and fresh short can be considered on getting a consecutive close below 25320 . 


Bank Nifty Spot Levels for the week are

Long above 25605 , Tgt 25645 - 25680 - 25710

IF Bank Nifty spot manages to get a close / sustain above 25760 then 

long again for 25785 - 25880 - 25985

Short below 25475 , Tgt 25435 - 25400 - 25370

IF Bank Nifty spot manages to get a close / sustain below 25320 then 

short again for 25295 - 25200 - 25100


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.