This week Bank Nifty spot went down 31 points and went up by 856 points over last weeks close before finally ending the week with a gain of 811 points compared to last weekly closing.
As per levels given for the previous week Bank Nifty Spot needed to break and sustain above 25170 to confirm uptrend and Bank Nifty spot needed to break and sustain below 24510 to confirm downtrend for the week. Bank Nifty made a high of 25695.50 and a low of 24808.55 for the week .
Bank Nifty this week triggered our weekly long trade and completed 4 weekly long targets giving around 550+ points . As mentioned in the previous weekly post " Now in the coming week Bank Nifty needs to break and sustain / close above 25170 for a test of 25515 - 25600 initially and above it we can see a further move till 25900 - 26225 . Similarly on sustaining / closing below 24510 we can see a test of 24165 - 24080 initially and further below it we can see a test of 23780 - 23455 . Those who have taken short positions above 25000 should keep a cbsl of 25170 " and we saw Bank Nifty make a high of 25695.50 on breaking above 25170 .
Now in the coming week Bank Nifty needs to break and sustain / close above 25950 for a test of 26270 - 26350 initially and above it we can see a further move till 26625 - 26925. Similarly on sustaining / closing below 25350 we can see a test of 25035 - 24955 initially and further below it we can see a test of 24680 - 24380 . Those who are holding long positions should keep a cbsl of 25350 for this week.
Bank Nifty Spot Levels for the week are
Long above 25835 , Tgt 25950 - 26045 - 26135
IF Bank Nifty spot manages to get a close / sustain above 26270 then
long again for 26350 - 26625 - 26925
Short below 25465 , Tgt 25350 - 25260 - 25165
IF Bank Nifty spot manages to get a close / sustain below 25035 then
short again for 24955 - 24680 - 24380
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.