This week Bank Nifty spot went down 159 points over last weeks close and went up by 516 points and finally ended the week with a gain of 489 points compared to last weekly closing .
As per levels given for the previous week Bank Nifty Spot needed to break and sustain above 23580 to confirm uptrend and Bank Nifty spot needed to break and sustain below 23320 to confirm downtrend for the week. Bank Nifty made a new life time high of 23964.80 and a low of 23289.80
Bank Nifty triggered our weekly short trade initially and took our SL . It then triggered our weekly long trade and missed our weekly last long target giving around 400+ points . Had mentioned in the previous weekly post " Now in the coming week Bank Nifty needs to break and sustain / close above 23530 - 23580 zone for a test of 23750 - 23775 levels and above it we can see a test of 23870 - 23940 levels next . Similarly on sustaining / closing below 23350 - 23320 levels we can see a test of 23150 levels initially and below it we can test 23025 - 22905 . Those who are long should move up their cbsl to 23320 " and we saw Bank Nifty make a new life time high of 23964.80 last week .
Now in the coming week Bank Nifty needs to break and sustain / close above 24045 for a test of 24160 - 24190 and above it we can see a further move till 24285 - 24390 . Similarly on sustaining / closing below 23830 we can see a test of 23715 - 23690 initially and further below it we can see a test of 23590 - 23485 .Those who are long should move up their cbsl to 23830 now.
Bank Nifty Spot Levels for the week are
Long above 24005 , Tgt 24045 - 24080 - 24110
IF Bank Nifty spot manages to get a close / sustain above 24160 then
long again for 24190 - 24285 - 24390
Short below 23870 , Tgt 23830 - 23795 - 23765
IF Bank Nifty spot manages to get a close / sustain below 23715 then
short again for 23690 - 23590 - 23485
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.