This week Bank Nifty spot went down 118 points over last weeks close and went up by 495 points and finally ended the week with a gain of 247 points compared to last weekly closing .
As per levels given for the previous week Bank Nifty Spot needed to break and sustain above 22488 to confirm uptrend and Bank Nifty spot needed to break and sustain below 22228 to confirm downtrend for the week. Bank Nifty made a high of 22853.55 and a low of 22240.05
This week Bank Nifty triggered our long trade and completed 5 targets giving around 350 points . Bank Nifty had come close to confirming our weekly shorts and reversed giving swing traders a better entry . Had mentioned in the previous weekly post " Those who are holding longs should keep a trailing cbsl of 22225 " and Bank Nifty came close to testing it with a low of 22240 and also gave a good entry for swing traders to go long with a small SL of 15 points .
In the coming week Bank Nifty spot needs to break and sustain above 22772 to confirm uptrend and then one can expect a move till 22948 initially and breaking and sustaining above 22993 will give further confirmation of the next move which can take us till 23311. Similarly Bank Nifty spot needs to break and sustain below 22438 to confirm downtrend and then one can expect a move till 22262 initially and breaking and sustaining below 22217 will give further confirmation of the next move which can take us down till 21900.
Bank Nifty Spot Levels for the week are
Long above 22708 , Tgt 22772 - 22823 - 22875
IF Bank Nifty spot manages to get a close / sustain above 22948 then
long again for 22993 - 23145 - 23311
Short below 22502 , Tgt 22438 - 22387 - 22335
IF Bank Nifty spot manages to get a close / sustain below 22262 then
short again for 22217 - 22065 - 21900
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.