This week Bank Nifty spot went down 171 points over last weeks close and went up by 220 points and finally ended the week with a gain of 160 points compared to last weekly closing .
As per levels given for the previous week Bank Nifty Spot needed to break and sustain above 24485 to confirm uptrend and Bank Nifty spot needed to break and sustain below 24065 to confirm downtrend for the week. Bank Nifty made a high of 24494.35 and a low of 24103.30 for the week .
Bank Nifty triggered our weekly long trade on Friday but did not give any move on the upside. The entire week Bank Nifty traded within our long and short trigger levels mostly . Had mentioned in the previous weekly post " Now in the coming week Bank Nifty needs to break and sustain / close above 24485 for a test of 24705 - 24760 initially and above it we can see a further move till 24950 - 25155 . Similarly on sustaining / closing below 24065 we can see a test of 23845 - 23790 initially and further below it we can see a test of 23600 - 23390 .Those who are holding longs should now move their cbsl to 24065 from the cbsl of 23875 given last week and those who have entered fresh shorts in the up move till 24400 should keep a cbsl of 24485 for their positions . " , and Bank Nifty made a high of 24494.35 but did not take our cbsl yet.
Now in the coming week Bank Nifty needs to break and sustain / close above 24605 for a test of 24780 - 24825 initially and above it we can see a further move till 24975 - 25145 . Similarly on sustaining / closing below 24265 we can see a test of 24090 - 24045 initially and further below it we can see a test of 23890 - 23725 . Those who are holding longs should now move their cbsl to 24265 from the cbsl of 24065 given last week and those who have entered fresh shorts in the up move till 24494.35 should keep a cbsl of 24605 for their positions .
Bank Nifty Spot Levels for the week are
Long above 24540 , Tgt 24605 - 24655 - 24705
IF Bank Nifty spot manages to get a close / sustain above 24780 then
long again for 24825 - 24975 - 25145
Short below 24330 , Tgt 24265 - 24215 - 24165
IF Bank Nifty spot manages to get a close / sustain below 24090 then
short again for 24045 - 23890 - 23725
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.