This week Bank Nifty spot went down 26 points and went up by 333 points over last weeks close and finally ended the week with a gain of 315 points compared to last weekly closing .
This week Bank Nifty spot broke above 23700 and made a new lifetime high at 23708.65 before closing at 23690.90 .
As per levels given for the previous week Bank Nifty Spot needed to break and sustain above 23615 to confirm uptrend and Bank Nifty spot needed to break and sustain below 23137 to confirm downtrend for the week. Bank Nifty made a high of 23708.65 and a low of 23349.95
Bank Nifty triggered our weekly long trade and completed just 2 targets but has given a strong closing near the highs of week just below 23700 . It traded between our long and short confirmation levels for the initial 3 days this week before giving a strong move on the upside. 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 we are now approaching the next resistance zone of 23760 - 23820 . Had further mentioned " 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 " , and those who are holding longs should now move up their trailing cbsl further to 23228 spot .
In the coming week Bank Nifty spot needs to break and sustain above 23784 to confirm uptrend and then one can expect a move till 23883 initially and breaking and sustaining above 23907 will give further confirmation of the next move which can take us till 24086. Similarly Bank Nifty spot needs to break and sustain below 23598 to confirm downtrend and then one can expect a move till 23499 initially and breaking and sustaining below 23474 will give further confirmation of the next move which can take us down till 23296.
Bank Nifty Spot Levels for the week are
Long above 23749 , Tgt 23784 - 23813 - 23842
IF Bank Nifty spot manages to get a close / sustain above 23883 then
long again for 23907 - 23992 - 24086
Short below 23633 , Tgt 23598 - 23569 - 23540
IF Bank Nifty spot manages to get a close / sustain below 23499 then
short again for 23474 - 23389 - 23296
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.