This week Bank Nifty spot went down 46 points and went up by 189 points over last weeks close before finally ending the week with a gain of 137 points compared to last weekly closing .
As per levels given for the previous week Bank Nifty Spot needed to break and sustain above 24250 to confirm uptrend and Bank Nifty spot needed to break and sustain below 23855 to confirm downtrend for the week. Bank Nifty made a high of 24242.05 and a low of 24007.05 for the week .
Bank Nifty traded in a tight range this week between our long and short weekly trigger levels and did not move on either side . Had mentioned in the previous weekly post " Now in the coming week Bank Nifty needs to break and sustain / close above 24250 for a test of 24455 - 24505 initially and above it we can see a further move till 24685 - 24880. Similarly on sustaining / closing below 23855 we can see a test of 23650 - 23600 initially and further below it we can see a test of 23420 - 23225 .Those who have entered shorts near 25050 when shorts were mentioned gave got nearly 1300+ points till 23630 and should have booked their positions . Those who have taken longs should now keep a cbsl of 23855 can can hold their positions above 24250 . For a stronger upmove we need a close above 24460 this month . Fresh shorts can be taken on sustaining / closing below 23855 in the coming week . For a stronger downmove we need a close below 23650 this month . " , and Bank Nifty made a high of 22424.05 and did not confirm even our weekly longs whereas Nifty had confirmed our weekly and now also monthly longs positions . Nifty will not be able to give a consecutive close above its monthly long confirmation unless Bank Nifty also breaks out on the upside .
Now in the coming week Bank Nifty needs to break and sustain / close above 24360 for a test of 24540 - 24585 initially and above it we can see a further move till 24740 - 24910 . Similarly on sustaining / closing below 24020 we can see a test of 23840 - 23795 initially and further below it we can see a test of 23640 - 23470 . Those who have taken short positions near 24200 last week should keep a cbsl of 24460 for their positions . Those who are holding longs should move up their cbsl to 24020 from 23855 given last week and can hold their positions above 24360 . For a stronger upmove we need a close above 24460 this month . Fresh shorts can be taken on sustaining / closing below 24020 in the coming week . For a stronger downmove we need a close below 23650 this month .
Bank Nifty Spot Levels for the week are
Long above 24295 , Tgt 24360 - 24415 - 24465
IF Bank Nifty spot manages to get a close / sustain above 24540 then
long again for 24585 - 24740 - 24910
Short below 24085 , Tgt 24020 - 23965 - 23915
IF Bank Nifty spot manages to get a close / sustain below 23840 then
short again for 23795 - 23640 - 23470
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 .
If you want to see the post in your Inbox , kindly register by adding your email id in the 'Subscribe to my posts' section on the top right side of the blog.
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.