This week Bank Nifty spot went up 692 points over last weeks close and finally ended the week with a gain of 362 points compared to last weekly closing
Last week we had mentioned that Bank Nifty Spot needs to break and sustain above 20019 to confirm uptrend and Bank Nifty spot needs to break and sustain below 19748 to confirm downtrend. Bank Nifty made a high of 20575.80 and a low of 19990.95 .
This week Bank Nifty triggered our long trade and completed all our targets and went up further by 120 points giving nearly nearly 500+ points from the long trade . Had mentioned that uptrend would continue above 19297 in August and we saw a upmove of nearly 1300 points once we sustained above it . Had mentioned in the previous daily posts that now Bank Nifty needs to break and sustain above 20467 - 20505 for further upmove and we saw Bank Nifty break above it but it once could not sustain . 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 . We have a good support near 19495 which is our trend reversal level and we might see it getting tested incase of a deeper correciton. 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 20455 to confirm uptrend and then one can expect a move till 20676 initially and breaking and sustaining above 20732 will give further confirmation of the next move which can take us till 21131 . Similarly Bank Nity spot needs to break and sustain below 20036 to confirm downtrend and then one can expect a move till 19815 initially and breaking and sustaining below 19759 will give further confirmation of the next move which can take us down till 19359.
Bank Nifty Spot Levels for the week are
Long above 20375 , Tgt 20455 - 20519 - 20584
IF Bank Nifty spot manages to get a close / sustain above 20676 then
long again for 20732 - 20922 - 21131
Short below 20116 , Tgt 20036 - 19971 - 19907
IF Bank Nifty spot manages to get a close / sustain below 19815 then
short again for 19759 - 19568 - 19359
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.