BANK NIFTY
This week Bank Nifty spot went down by 99 points and then went up by 1319 points before finally ending the week with a gain of 469 points compared to last weekly closing.
Bank Nifty made a high of 28277.70 and made a low of 26859.35 in the previous week.
Had mentioned in previous weekly post that to confirm a long trade Bank Nifty needs to sustain /close above 27310 to enter for a test of 27680 - 27775 initially and above it further till 28095 - 28445 and to confirm a short trade Bank Nifty needs to sustain/close below 26605 to test 26235 - 26145 initially and below it further till 25825 - 25470 , and Bank Nifty confirmed our weekly long trade giving 900+ points.
For the coming week :
Those who are looking to enter fresh longs should wait for Bank Nifty to sustain / close above 27890 and then enter for a initial target of 28385 - 28505 and look to hold further only on sustaining or getting a close above 28505 for the next targets of 28930 - 29395.
&
Those who are looking to enter fresh short should wait for Bank Nifty to sustain / close below 26965 and then enter for a initial target of 26475 - 26350 and look to hold further only on sustaining or getting a close below 26350 for the next targets of 25925 - 25465.
For the month of September , longs will be confirmed in Bank Nifty with a consecutive close above 28390 for a initial target of 29405 - 29660 and sustaining / closing above 29660 we can see a further move till 30535 - 31495 . Similarly Bank Nifty shorts will be confirmed with a consecutive close below 26465 for a initial target of 25450 - 25195 and sustaining / closing below 25195 we can see a further move till 24320 - 23360.
Bank Nifty has immediate resistance at 28030 - 28390 zone and it needs to give a consecutive close above it for a further upmove in the coming sessions.
On the downside Bank Nifty has immediate support near 26835 - 26465 and it needs to give a consecutive close below it for the correction to resume.
Bank Nifty Spot Levels for the week are
Long above 27715 , Tgt 27890 - 28035 - 28180
IF Bank Nifty spot manages to get a close / sustain above 28385 then
long again for 28505 - 28930 - 29395
Short below 27140 , Tgt 26965 - 26820 - 26675
IF Bank Nifty spot manages to get a close / sustain below 26475 then
short again for 26350 - 25925 - 25465
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 .
If you want to see the post in your Inbox , kindly register by adding your email id in the 'Subscribe to my posts' section on the top right side of the blog.
No comments:
Post a Comment