This week Bank Nifty spot went down 268 points and went up by 107 points over last weeks close and finally ended the week with a gain of 14 points compared to last weekly closing .
This week Bank Nifty spot broke above 23450 and made a new lifetime high at 23469.25 before closing at 23375.90
As per levels given for the previous week Bank Nifty Spot needed to break and sustain above 23610 to confirm uptrend and Bank Nifty spot needed to break and sustain below 23114 to confirm downtrend for the week. Bank Nifty made a high of 23469.25 and a low of 23093.95.
This week initially Bank Nifty triggered our weekly short and completed just 1 target and reversed to take our TSL being unable to sustain below our short confirmation level of 23114. It then traded the entire week between our long and short trigger levels of 23209 - 23515 post tuesday . Had mentioned in the previous weekly post that " Bank Nifty has its immediate resistance near 23480 - 23515 zone and above that near 23760 - 23820 zone . Bank Nifty has its immediate support near 23115 - 22985 and below that near 22880 - 22800 " , and Bank Nifty stayed well within its initial resistance and support zones for the week . Those who are holding longs in Bank Nifty can look to book their longs near 23760 - 23860 if we get a weekly long trigger and should move up their trailing cbsl to 23135 now till we get a weekly long trigger. Those who are looking to go short on the next upmove should keep a strict cbsl of 23925 .
In the coming week Bank Nifty spot needs to break and sustain above 23615 to confirm uptrend and then one can expect a move till 23868 initially and breaking and sustaining above 23932 will give further confirmation of the next move which can take us till 24390. Similarly Bank Nifty spot needs to break and sustain below 23137 to confirm downtrend and then one can expect a move till 22884 initially and breaking and sustaining below 22820 will give further confirmation of the next move which can take us down till 22362.
Bank Nifty Spot Levels for the week are
Long above 23524 , Tgt 23615 - 23689 - 23763
IF Bank Nifty spot manages to get a close / sustain above 23868 then
long again for 23932 - 24150 - 24390
Short below 23228 , Tgt 23137 - 23063 - 22989
IF Bank Nifty spot manages to get a close / sustain below 22884 then
short again for 22820 - 22602 - 22362
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.