This week Bank Nifty spot went up 388 points over last weeks close and went down by 220 points and finally ended the week with a gain of 16 points compared to last weekly closing .
As per levels given for the previous week Bank Nifty Spot needed to break and sustain above 24915 to confirm uptrend and Bank Nifty spot needed to break and sustain below 24710 to confirm downtrend for the week. Bank Nifty made a new life time high of 25198.80 and a low of 24591.80 .
Bank Nifty had broken above the much awaited 25000 mark last week but failed to close above it this week . Bank Nifty triggered our weekly long trade and completed 5 weekly long targets giving 300+ points . Bank Nifty then reversed and took our TSL at 25045 and corrected to trigger our weekly short trade and completed our initial 3 weekly short targets . Had mentioned in the previous weekly post " Now in the coming week Bank Nifty needs to break and sustain / close above 24915 for a test of 25020 - 25045 and above it we can see a further move till 25135 - 25235 . Similarly on sustaining / closing below 24710 we can see a test of 24605 - 24580 initially and further below it we can see a test of 24485 - 24390 .Those who are long should move up their cbsl to 24710 now." , and Bank Nifty made a high of 25198.80 within our next long target range of 25135 - 25235 and reversed to make a low of 24591.80 within our initial range of 24605 - 24580 on the downside .
Now in the coming week Bank Nifty needs to break and sustain / close above 25025 for a test of 25235 - 25290 initially and above it we can see a further move till 25470 - 25670 . Similarly on sustaining / closing below 24630 we can see a test of 24420 - 24365 initially and further below it we can see a test of 24185 - 23985 . Those who are looking to go short should keep a cbsl of 25030 and those who are taking fresh longs should keep a cbsl of 24630 for their positions.
Bank Nifty Spot Levels for the week are
Long above 24950 , Tgt 25025 - 25090 - 25150
IF Bank Nifty spot manages to get a close / sustain above 25235 then
long again for 25290 - 25470 - 25670
Short below 24705 , Tgt 24630 - 24565 - 24505
IF Bank Nifty spot manages to get a close / sustain below 24420 then
short again for 24365 - 24185 - 23985
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.