This week Bank Nifty spot went up 97 points over last weeks close and went down by 546 points and finally ended the week with a loss of 332 points compared to last weekly closing .
As per levels given for the previous week Bank Nifty Spot needed to break and sustain above 23660 to confirm uptrend and Bank Nifty spot needed to break and sustain below 23425 to confirm downtrend for the week. Bank Nifty made a high of 23640.10 and a low of 22996.40
Bank Nifty triggered our weekly short trade and completed all our short targets for the week giving around 400+ points . Bank Nifty failed to break and sustain above 23925 which was our stoploss to go short for the month of June . 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 low of 22996.40 after sustaining below 23235 last week . Now holding 22905 we can expect Bank Nifty to retest 23355 and sustaining above 23355 we can expect a test of 23515 levels next. Similarly breaking and sustaining below 23065 we can expect a test of 22905 initially . We can expect a bigger move once Bank Nifty breaks and sustains / closes beyond the range of 22905 - 23515 spot .
In the coming week Bank Nifty spot needs to break and sustain above 23360 to confirm uptrend and then one can expect a move till 23515 initially and breaking and sustaining above 23555 will give further confirmation of the next move which can take us till 23835. Similarly Bank Nifty spot needs to break and sustain below 23065 to confirm downtrend and then one can expect a move till 22910 initially and breaking and sustaining below 22870 will give further confirmation of the next move which can take us down till 22590.
Bank Nifty Spot Levels for the week are
Long above 23305 , Tgt 23360 - 23405 - 23450
IF Bank Nifty spot manages to get a close / sustain above 23515 then
long again for 23555 - 23690 - 23835
Short below 23120 , Tgt 23065 - 23020 - 22975
IF Bank Nifty spot manages to get a close / sustain below 22910 then
short again for 22870 - 22735 - 22590
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 .
If you want to see the post in your Inbox , kindly register by adding your email id in the 'Subscribe to my posts' section on the top right side of the blog.
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.