This week Bank Nifty spot went up 395 points over last weeks close and finally ended the week with a gain of 40 points compared to last weekly closing .
As per levels given for the previous week Bank Nifty Spot needed to break and sustain above 23620 to confirm uptrend and Bank Nifty spot needed to break and sustain below 23385 to confirm downtrend for the week. Bank Nifty made a new lifetime high of 23897.85 and a low of 23507.50
Bank Nifty triggered our weekly long trade and completed 5 targets for the week giving around 300+ points . Have been mentioning 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 23315 - 23235 and below that near 22985 - 22880" . Had mentioned in the previous weekly post " Those who are looking to go long now should keep a strict cbsl of 23235 . Holding 23235 we can see a test of the resistances at 23760 - 23820 on breaking and sustaining above 23480 - 23515 . Breaking and sustaining below 23235 we can see a test of the supports at 22985 - 22880 " , and we saw Bank Nifty make a new high at 23898 this week after making a low of 23312 last week . Now this week we need to see if Bank Nifty can hold above 23515 - 23425 levels to once again move up to test 23760 - 23820 levels or will it break and sustain below 23515 - 23425 zone to test 23325 - 23235 levels initially .
In the coming week Bank Nifty spot needs to break and sustain above 23660 to confirm uptrend and then one can expect a move till 23784 initially and breaking and sustaining above 23815 will give further confirmation of the next move which can take us till 24038. Similarly Bank Nifty spot needs to break and sustain below 23425 to confirm downtrend and then one can expect a move till 23302 initially and breaking and sustaining below 23270 will give further confirmation of the next move which can take us down till 23045.
Bank Nifty Spot Levels for the week are
Long above 23615 , Tgt 23660 - 23695 - 23732
IF Bank Nifty spot manages to get a close / sustain above 23784 then
long again for 23815 - 23921 - 24038
Short below 23470 , Tgt 23425 - 23390 - 23353
IF Bank Nifty spot manages to get a close / sustain below 23302 then
short again for 23270 - 23165 - 23045
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.