BANK NIFTY
This week Bank Nifty spot went down 98 points and then went down by 828 points over last weeks close and finally ended the week with a gain of 337 points compared to last weekly closing .
As per levels given for the previous week Bank Nifty Spot needed to break and sustain above 20398 to confirm uptrend and Bank Nifty spot needed to break and sustain below 20030 to confirm downtrend for the week. Bank Nifty made a high of 21042.35 and a low of 20115.85
This week Bank Nifty triggered our long trade and completed all long targets giving around 650+ points . Bank Nifty did not trigger our weekly short levels even when Nifty closed below its weekly short level indicating strength and possibility to move up . The rapid move was also due to the FII fresh buying allowed in HDFC bank which has a heavy weightage in Bank Nifty index .
Bank Nifty took support just near our confirmation levels to short again of 17608 and reversed to now make a high of 21042 gaining 3400+ points with Fridays high .Now for this week Bank Nifty needs to break and sustain above 20674 for the up move to continue till 21070 with resistance near 20805 - 20836 levels . IF Bank Nifty sustains below 20429 then we can see a down move till 20033 with support near 20353 - 20300 levels . Those who are holding longs or those who are intending to go long on a correction should keep a strict cbsl of 20405 for their positions.
For the month of February we can expect uptrend in Bank Nifty spot on a consecutive close above 19958 and we can expect downtrend in Bank Nifty spot on a consecutive close below 19072 . Had mentioned in January that we can expect uptrend in Bank Nifty spot on a consecutive close above 18506 and we got a move of nearly 1700+ points from there .
Bank Nifty has given a further up move of 1050+ points after giving a consecutive close above our monthly long confirmation level of 19958 and is currently near a resistance zone of 20805 - 20836 and it needs to break and sustain above this zone to move up further. Incase Bank Nifty is unable to break and sustain above this range then we may see a correction from here till 20115 - 20030 levels . The current rally is looking a bit saturated now and if Bank Nifty fails to break and clear the resistance zone then we may see a correction till the lower levels mentioned once Bank Nifty sustains or closes below the cbsl level of 20405 as we are also entering into the expiry week for this series.
In the coming week Bank Nifty spot needs to break and sustain above 20674 to confirm uptrend and then one can expect a move till 20805 initially and breaking and sustaining above 20836 will give further confirmation of the next move which can take us till 21070. Similarly Bank Nifty spot needs to break and sustain below 20429 to confirm downtrend and then one can expect a move till 20300 initially and breaking and sustaining below 20265 will give further confirmation of the next move which can take us down till 20030.
Bank Nifty Spot Levels for the week are
Long above 20627 , Tgt 20674 - 20712 - 20749
IF Bank Nifty spot manages to get a close / sustain above 20805 then
long again for 20836 - 20947 - 21070
Short below 20475 , Tgt 20429 - 20391 - 20353
IF Bank Nifty spot manages to get a close / sustain below 20300 then
short again for 20265 - 20155 - 20030
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.
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