Bank Nifty Weekly Expiry Closed at 25921, down 4.8 % for the week. Bank Nifty has started downwards from the date of Budget, with domestic factors like LTCG and Global Markets factors mainly US Bond Rate Hike.
Bank Nifty has been a downside for two consecutive weekly expiries now.
Bank Nifty Weekly Expiry was started from June 02 2016, its almost 89 weeks now, after weekly expiry has been launched, Till date, Bank Nifty has not closed 3 weeks on downside consecutively.
But if that has to break, this week we may have to script it.
Whereas, on upside bulls have closed 9 consecutive weeks upside only once, 4 times 3 weeks positive close, 2 times bulls have closed 4 weeks on higher side
The best part, every minute and every day and every week in MARKETS are UNIQUE.
So, the above data is just NUMBERS, it must not be the ONLY source for Trading planning.
But it could be used for one of the factors.
Banking Stocks Weightage in the Bank Nifty Index
- HDFCBANK- 33%
- ICICIBANK-19%
- Kotak-12%
- SBI-10%
- Axisbank-8%
- Indusindbank-7%
- Yesbank6%
This comes to 95 % of the Bank Nifty Movements
To Track, Bank Nifty, you need to know the direction of the above stocks
Especially TOP 4 Stocks
As per our last week article, anything below 25350 levels, Bears will have control
Next support to watch for next few weeks – 25050-24820-24660-24330-23820
Resistance levels to watch- 25600-25730-26150-26450-26880
If markets trade upwards, have lesser quantity size while trading – because market has taken turn downwards, any upside move may be used by markets participants to come out of their position
But that’s a probability –it may happen may not happen – ANY CLOSE above 26550 on weekly close for two consecutive weeks, we can say bulls have taken control till we can’t have trust on upside
On, downwards, Keep adding position size much lesser than usual – as too much of volatility has risen for last week, let the dust settles down. Markets don’t fall in one side, it will test bears, every day by day and fall.Have Patience
Be subtle on downside as we have one lesser day in the next week expiry
Let markets decide its side, we shall just go by the side of the market
Always Trade with fewer quantities till you make 2 to 3 times of Capital
We need to see the trend and trade accordingly
Trade only from SAVINGS Money
Trade with PLAN
Sagar U.S
