This week Bank Nifty spot went down 124 points and went up 494 points over last weeks close and finally ended the week with a gain of 451 points compared to last weekly closing
Last week we had mentioned that Bank Nifty Spot needs to break and sustain above 19093 to confirm uptrend and Bank Nifty spot needs to break and sustain below 18759 to confirm downtrend. Bank Nifty made a high of 19457.40 and a low of 18839.40 .
This week Bank Nifty triggered our long trade and completed nearly 5 targets giving around 400 points from the long trade. For the past 3 weeks now we had seen a high of 19158 , 19126.75 and 19078.50 consecutively and finally Bank Nifty broke out above 19158 and gave a good upmove and also closed above 19297 which was our trend continuation level for further upmove this series . Now if Bank Nifty holds 19158 on closing then we can see it test upto 19755 - 19830 initially. Breaking and sustaining below 19000 can see it test 18650 - 18550 levels again.
Trend continuation in Bank Nifty Spot for the month of August would be on a consecutive close above 19297 and trend reversal would be on a consecutive close below 18609.
In the coming week Bank Nifty spot needs to break and sustain above 19592 to confirm uptrend and then one can expect a move till 19780 initially and breaking and sustaining above 19828 will give further confirmation of the next move which can take us till 20165 . Similarly Bank Nity spot needs to break and sustain below 19237 to confirm downtrend and then one can expect a move till 19049 initially and breaking and sustaining below 19002 will give further confirmation of the next move which can take us down till 18665.
Bank Nifty Spot Levels for the week are
Long above 19524 , Tgt 19592 - 19647 - 19702
IF Bank Nifty spot manages to get a close / sustain above 19780 then
long again for 19828 - 19989 - 20165
Short below 19305 , Tgt 19237 - 19182 - 19128
IF Bank Nifty spot manages to get a close / sustain below 19049 then
short again for 19002 - 18840 - 18665
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 .
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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.