Sunday, 15 April 2018

Weekly Spot Outlook Of Bank Nifty for 16th to 20th Apr

BANK NIFTY

This week Bank Nifty spot went down by 45 points and then went up by 538 points before finally ending the week with a gain of 327 points compared to last weekly closing.


As per levels given for the previous week Bank Nifty Spot needed to break and sustain above 25135 to trigger uptrend and Bank Nifty spot needed to break and sustain below 24385 to trigger downtrend for the week. Bank Nifty made a high of 25411.30 and a low of 24828 . 


As mentioned in the previous weekly post " Now in the coming week Bank Nifty needs to break and sustain / close above 25135 for a test of 25530 - 25635 initially and closing above it we can see a further move till 25975 - 26350 . Similarly on sustaining / closing below 24385 we can see a test of 23990 - 23890 initially and closing below it we can see a test of 23550 - 23175 . Those who are holding longs should now their trailing cbsl to 24385 and can hold further only on closing above 25135 with a further trailing cbsl of 24645 and look to book once near 25530 - 25635. Those who are looking to short should wait for Bank Nifty to sustain / close below 24385 or near 25530 with a cbsl of 25635 .   " , and Bank Nifty made a high of 25411.30 .  


Now in the coming week Bank Nifty needs to break and sustain / close above 25470 for a test of 25750 - 25825 initially and closing above it we can see a further move till 26070 - 26335. Similarly on sustaining / closing below 24930 we can see a test of 24650 - 24580 initially and closing below it we can see a test of 24335 - 24065 . Those who are holding longs should now move their trailing cbsl to 24930 and can hold further only on closing above 25470 with a further trailing cbsl of 25280 and look to book once near 25750 - 25825 . Those who are looking to short should wait for Bank Nifty to sustain / close below 24930 . 


For the month of April longs will be confirmed with a consecutive close above 24880 for a initial target of 25525 - 25690 and sustaining / closing above it we can see a further move till 26250 - 26865. Similarly shorts will be confirmed with a consecutive close below 23650 for a initial target of 23000 - 22835 and sustaining / closing below it we can see a further move till 22275 - 21665. Bank Nifty has also confirmed our monthly longs and we can see a test of 25525 - 25690 initially. 

Bank Nifty Spot Levels for the week are

Long above 25365 , Tgt 25470 - 25550 - 25635

IF Bank Nifty spot manages to get a close / sustain above 25750 then 

long again for 25825 - 26070 - 26335

Short below 25035 , Tgt 24930 - 24850 - 24765

IF Bank Nifty spot manages to get a close / sustain below 24650 then 

short again for 24580 - 24335 - 24065


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.