This week Bank Nifty spot went down 27 points over last weeks close and went up by 373 points and finally ended the week with a gain of 67 points compared to last weekly closing .
As per levels given for the previous week Bank Nifty Spot needed to break and sustain above 22772 to confirm uptrend and Bank Nifty spot needed to break and sustain below 22438 to confirm downtrend for the week. Bank Nifty made a high of 22977.85 and a low of 22578 .
This week Bank Nifty triggered our long trade and completed took resistance near our confirmation level for further upmove of 22993 giving us around 250 points from the trade . In the week before this Bank Nifty had given us a good entry with a low of 22240 which was near our cbsl of 22225 and we saw a good move till 22977.85 last week . Those who are holding longs should keep a trailing cbsl of 22505 for this week . Holding the cbsl we can see a move again till 22835 - 22985 . On sustaining / closing above 22985 we can see a move till 23230 - 23500 . Those who are looking to short again on rise should keep a strict cbsl of 22985 .
In the coming week Bank Nifty spot needs to break and sustain above 22838 to confirm uptrend and then one can expect a move till 23013 initially and breaking and sustaining above 23058 will give further confirmation of the next move which can take us till 23375. Similarly Bank Nifty spot needs to break and sustain below 22505 to confirm downtrend and then one can expect a move till 22330 initially and breaking and sustaining below 22286 will give further confirmation of the next move which can take us down till 21968.
Bank Nifty Spot Levels for the week are
Long above 22774 , Tgt 22838 - 22889 - 22940
IF Bank Nifty spot manages to get a close / sustain above 23013 then
long again for 23058 - 23209 - 23375
Short below 22569 , Tgt 22505 - 22454 - 22403
IF Bank Nifty spot manages to get a close / sustain below 22330 then
short again for 22286 - 22134 - 21968
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.