This week Bank Nifty spot went up 79 points and went down 281 points over last weeks close and finally ended the week with a loss of 219 points compared to last weekly closing
Last week we had mentioned that Bank Nifty Spot needs to break and sustain above 19592 to confirm uptrend and Bank Nifty spot needs to break and sustain below 19237 to confirm downtrend. Bank Nifty made a high of 19493.20 and a low of 19133.90 .
This week Bank Nifty triggered our short trade and completed nearly our initial 3 targets giving around 150 points from the short trade. After 3 weeks we had seen a breakout above 19158 and also had managed to get a close above 19297 last week which was our trend continuation level for further upmove in this month . Post that in the week gone by we saw Bank Nifty sustain above 19158 and give consecutive close too above 19297 but it did not get any support from Nifty which could not break above 8735 , and without which it is difficult for Bank Nifty to sustain above these levels . If Bank Nifty holds 19158 on closing then we can see it test upto 19680 levels in the coming week . Breaking and sustaining below 19079 we can see it test upto 18700 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 19312 to confirm uptrend and then one can expect a move till 19435 initially and breaking and sustaining above 19466 will give further confirmation of the next move which can take us till 19689 . Similarly Bank Nity spot needs to break and sustain below 19079 to confirm downtrend and then one can expect a move till 18956 initially and breaking and sustaining below 18925 will give further confirmation of the next move which can take us down till 18703.
Bank Nifty Spot Levels for the week are
Long above 19268 , Tgt 19312 - 19348 - 19384
IF Bank Nifty spot manages to get a close / sustain above 19435 then
long again for 19466 - 19573 - 19689
Short below 19124 , Tgt 19079 - 19043 - 19007
IF Bank Nifty spot manages to get a close / sustain below 18956 then
short again for 18925 - 18819 - 18703
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.