This week Bank Nifty spot went up 261 points over last weeks close and went down by 504 points before finally ending the week with a loss of 475 points compared to last weekly closing .
As per levels given for the previous week Bank Nifty Spot needed to break and sustain above 24950 to confirm uptrend and Bank Nifty spot needed to break and sustain below 24740 to confirm downtrend for the week. Bank Nifty made a high of 25105.35 and a low of 24340 for the week . Bank Nifty came close to its all time high this week but failed to break it .
Bank Nifty initially triggered our weekly long trade and completed 4 weekly long targets giving 175+ points from it . For further upmove it had to sustain / close above 25085 which it crossed but failed to sustain / close and reversed . Bank Nifty then triggered our weekly short trade and completed all our weekly short targets giving 350+ points . Had mentioned in the previous weekly post " Now in the coming week Bank Nifty needs to break and sustain / close above 24950 for a test of 25055 - 25085 initially and above it we can see a further move till 25180 - 25280. Similarly on sustaining / closing below 24740 we can see a test of 24630 - 24605 initially and further below it we can see a test of 24510 - 24410 .Those who are holding longs should move up their cbsl to 24700 from 24230 mentioned last week " , and Bank Nifty made a high of 25105.35 just above our initial resistance zone and made a low of 24340 below our next support zone .
Now in the coming week Bank Nifty needs to break and sustain / close above 24545 for a test of 24730 - 24775 initially and above it we can see a further move till 24935 - 25110 . Similarly on sustaining / closing below 24195 we can see a test of 24010 - 23965 initially and further below it we can see a test of 23805 - 23630 . Those who have entered shorts near 25050 when Bank Nifty was unable to close above 25085 and still holding should keep a trailing cbsl of 24550 .
Bank Nifty Spot Levels for the week are
Long above 24475 , Tgt 24545 - 24600 - 24650
IF Bank Nifty spot manages to get a close / sustain above 24730 then
long again for 24775 - 24935 - 25110
Short below 24260 , Tgt 24195 - 24140 - 24090
IF Bank Nifty spot manages to get a close / sustain below 24010 then
short again for 23965 - 23805 - 23630
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.