This week Bank Nifty spot went up 45 points and went down by 531 points over last weeks close before finally ending the week with a loss of 152 points compared to last weekly closing.
As per levels given for the previous week Bank Nifty Spot needed to break and sustain above 25950 to confirm uptrend and Bank Nifty spot needed to break and sustain below 25350 to confirm downtrend for the week. Bank Nifty made a high of 25695.75 and a low of 25119.50 for the week .
Bank Nifty this week triggered our weekly short trade and completed 3 weekly short targets giving around 300+ points . As mentioned in the previous weekly post " 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 . " and we saw Bank Nifty make a low of 25119.50 on breaking and sustaining below 25350 . Bank Nifty was stronger compared to Nifty this week inspite of taking our cbsl for longs .
Now in the coming week Bank Nifty needs to break and sustain / close above 25715 for a test of 25935 - 25995 initially and above it we can see a further move till 26190 - 26400. Similarly on sustaining / closing below 25285 we can see a test of 25060 - 25000 initially and further below it we can see a test of 24810 - 24595 . Those who have already entered long positions or are looking to go long should keep a cbsl of 25185 and can hold their positions on sustaining / closing above 25715 . Those who are looking to go short on rise in the coming week should keep a strict cbsl of 25715 spot .
Bank Nifty Spot Levels for the week are
Long above 25630 , Tgt 25715 - 25780 - 25845
IF Bank Nifty spot manages to get a close / sustain above 25940 then
long again for 25995 - 26190 - 26400
Short below 25365 , Tgt 25285 - 25220 - 25155
IF Bank Nifty spot manages to get a close / sustain below 25060 then
short again for 25000 - 24810 - 24595
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.