This week Bank Nifty spot went down 515 points over last weeks close and finally ended the week with a loss of 390 points compared to last weekly closing .
Last week we had mentioned that Bank Nifty Spot needs to break and sustain above 20455 to confirm uptrend and Bank Nifty spot needs to break and sustain below 20036 to confirm downtrend. Bank Nifty made a high of 20227.80 and a low of 19730.25 . We have closed just 28 points lower from where we were 2 weeks ago indicating that we are again seeing sideways moves.
This week Bank Nifty triggered our short trade and completed 4 targets giving nearly 360 points from the short trade . Had mentioned in the previous weekly post that 'Bank Nifty has some support near 20080 levels which is also our trend continuation level for this month and once it breaks and sustains below the level it will indicate weakness in the current upmove and we can see a test of 19815 -19760 levels where we have the next support ' and we saw Bank Nifty make a low of 19730.25 this week and take some support there and bounce again to above 20080 levels and saw good profit booking . Have mentioned in the previous daily posts that now Bank Nifty needs to break and sustain above 20467 - 20505 for further upmove . We have a good support near 19495 which is our trend reversal level and we might see it getting tested incase Bank Nifty breaks and sustains below 19705 - 19605 levels this week incase of a further correction. A consecutive close above 20467 can see Bank Nifty test 21150 levels .
Trend continuation in Bank Nifty Spot for the month of September would be on a consecutive close above 20080 and trend reversal would be on a consecutive close below 19495.
In the coming week Bank Nifty spot needs to break and sustain above 20104 to confirm uptrend and then one can expect a move till 20368 initially and breaking and sustaining above 20434 will give further confirmation of the next move which can take us till 20910 . Similarly Bank Nity spot needs to break and sustain below 19606 to confirm downtrend and then one can expect a move till 19343 initially and breaking and sustaining below 19277 will give further confirmation of the next move which can take us down till 18801.
Bank Nifty Spot Levels for the week are
Long above 20010 , Tgt 20104 - 20181 - 20258
IF Bank Nifty spot manages to get a close / sustain above 20368 then
long again for 20434 - 20661 - 20910
Short below 19702 , Tgt 19606 - 19530 - 19453
IF Bank Nifty spot manages to get a close / sustain below 19343 then
short again for 19277 - 19050 - 18801
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.