Saturday, 3 March 2018

Weekly Spot Outlook of Bank Nifty for 05th to 09th Mar

BANK NIFTY

This week Bank Nifty spot went up by 421 points and then went down by 448 points before finally ending the week with a loss of 400 points compared to last weekly closing.


As per levels given for the previous week Bank Nifty Spot needed to break and sustain above 25440 to trigger uptrend and Bank Nifty spot needed to break and sustain below 25165 to trigger downtrend for the week. Bank Nifty made a high of 25723.35 and a low of 24854.40 for the week giving a trade on both sides . 


As mentioned in the previous weekly post " Now in the coming week Bank Nifty needs to break and sustain / close above 25440 for a test of 25755 - 25815 initially and closing above it we can see a further move till 26015 - 26235 . Similarly on sustaining / closing below 25165 we can see a test of 24850 - 24790 initially and closing below it we can see a test of 24590 - 24370 . Those who were holding shorts entered below 27275 have now got the trailing cbsl triggered at 25085 . Now Bank Nifty has resistance near 25755 - 25815 on sustaining closing above 25525 and those who are looking to enter fresh shorts should keep a strict cbsl of 25920 . Those who are entering longs above 25525 should keep a cbsl of 25370 and to book near 25755 - 25815 or hold further only if we get a close above 25920 .  " , and Bank Nifty made a high of 25723.35 near our resistance zone of 25755 - 25815 and gave a exit for the long trade  . Those who have entered shorts near 25700 as we neared 25755 - 25815 zone with a cbsl of 25920 mentioned last week can now trail their cbsl to 25160 and can further trail it to 24900 once we get a close below 24660 this week .


Now in the coming week Bank Nifty needs to break and sustain / close above 25150 for a test of 25395 - 25460 initially and closing above it we can see a further move till 25680 - 25920. Similarly on sustaining / closing below 24660 we can see a test of 24410 - 24345 initially and closing below it we can see a test of 24130 - 23890 . Those who have entered fresh shorts near 25700 with cbsl of 25920 given last week for fresh shorts to be taken can now trail their cbsl to 25160 and can further trail it to 24900 once we get a close below 24660 this week. Fresh longs to be considered on closing above 25160 and if entered then should book near 25395 - 25460   


For the month of March longs will be confirmed with a consecutive close above 25620 for a initial target of 26155 - 26295 and sustaining / closing above it we can see a further move till 26760 - 27270. Similarly shorts will be confirmed with a consecutive close below 24595 for a initial target of 24060 - 23920 and sustaining / closing below it we can see a further move till 23455 - 22950.


Bank Nifty Spot Levels for the week are

Long above 25050, Tgt 25150 - 25215 - 25290

IF Bank Nifty spot manages to get a close / sustain above 25395 then 

long again for 25460 - 25680 - 25915

Short below 24755 , Tgt 24660 - 24590 - 24515

IF Bank Nifty spot manages to get a close / sustain below 24410 then 

short again for 24345 - 24130 - 23890


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.