This week Bank Nifty spot went down by 432 points and went up by 238 points over last weeks close before finally ending the week with a gain of 119 points compared to last weekly closing.
As per levels given for the previous week Bank Nifty Spot needed to break and sustain above 25535 to confirm uptrend and Bank Nifty spot needed to break and sustain below 25105 to confirm downtrend for the week. Bank Nifty made a high of 25559.05 and a low of 24888.65 for the week .
Bank Nifty this week triggered our weekly short trade and completed 3 weekly short targets as per levels and gave 100+ points . For a further correction it needed to sustain / close below 24880 - 24825 zone and it took support near 24888 and reversed . As mentioned in the previous weekly post " Now in the coming week Bank Nifty needs to break and sustain / close above 25535 for a test of 25765 - 25820 initially and closing above it we can see a further move till 26015 - 26230 . Similarly on sustaining / closing below 25105 we can see a test of 24880 - 24825 initially and closing below it we can see a test of 24625 - 24415 . Fresh longs can be entered on sustaining / closing above 25535 with a trailing cbsl of 25385 . Fresh shorts can be entered on sustaining / closing below 25105 . For a bigger upmove in December we need a consecutive close above 25655 . Those who are looking to go short on a bounce in the coming week should keep a strict cbsl of 25655 spot . " and Bank Nifty triggered our short trade and got the TSL taken after completing 3 short weekly targets .
Now in the coming week Bank Nifty needs to break and sustain / close above 25655 for a test of 25870 - 25925 initially and closing above it we can see a further move till 26115 - 26325. Similarly on sustaining / closing below 25230 we can see a test of 25010 - 24955 initially and closing below it we can see a test of 24765 - 24555 . Fresh longs can be entered on sustaining / closing above 25655 this week with a cbsl of 25430 and if Bank Nifty sustains / closes above 25930 - 26000 zone then the trailing cbsl should be kept at 25855 . Fresh shorts can be entered on sustaining / closing below 25230 . For a bigger upmove in December we need a consecutive close above 25655 . Those who are looking to go short on a bounce in the coming week near 25600 should keep a strict cbsl of 25655 spot or exit on sustaining above 25755 for 5 mins. Bank Nifty has resistance near 25930 - 26085 zone as per monthly levels and sustaining / closing above it is required for a test of 26325 - 26525 .
Bank Nifty Spot Levels for the week are
Long above 25570 , Tgt 25655 - 25715 - 25780
IF Bank Nifty spot manages to get a close / sustain above 25870 then
long again for 25925 - 26115 - 26325
Short below 25310 , Tgt 25230 - 25165 - 25100
IF Bank Nifty spot manages to get a close / sustain below 25010 then
short again for 24955 - 24765 - 24555
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 and continue trailing it further .
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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.