This week Bank Nifty spot went down 67 points over last weeks close and went up by 329 points and finally ended the week with a gain of 238 points compared to last weekly closing .
As per levels given for the previous week Bank Nifty Spot needed to break and sustain above 23360 to confirm uptrend and Bank Nifty spot needed to break and sustain below 23065 to confirm downtrend for the week. Bank Nifty made a high of 23540.15 and a low of 23144.30
Bank Nifty triggered our weekly long trade and completed our initial 3 long targets for the week giving around 200+ points . Further upmove was to come on sustaining / closing above 23515 - 23555 zone and Bank Nifty failed to break and sustain above 23555 after making a high of 23540 for the week . Had mentioned in the previous weekly post " 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 " , and we saw Bank Nifty make a high of 23540.15 but it failed to close above 23515 for a bigger move . 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 .
In the coming week Bank Nifty spot needs to break and sustain above 23580 to confirm uptrend and then one can expect a move till 23715 initially and breaking and sustaining above 23750 will give further confirmation of the next move which can take us till 23995. Similarly Bank Nifty spot needs to break and sustain below 23320 to confirm downtrend and then one can expect a move till 23185 initially and breaking and sustaining below 23150 will give further confirmation of the next move which can take us down till 22905.
Bank Nifty Spot Levels for the week are
Long above 23530 , Tgt 23580 - 23620 - 23660
IF Bank Nifty spot manages to get a close / sustain above 23715 then
long again for 23750 - 23865 - 23995
Short below 23370 , Tgt 23320 - 23280 - 23240
IF Bank Nifty spot manages to get a close / sustain below 23185 then
short again for 23150 - 23030 - 22905
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.