This week Bank Nifty spot went down by 307 points and went down by 104 points over last weeks close before finally ending the week with a gain of 62 points compared to last weekly closing.
As per levels given for the previous week Bank Nifty Spot needed to break and sustain above 25645 to confirm uptrend and Bank Nifty spot needed to break and sustain below 25435 to confirm downtrend for the week. Bank Nifty made a high of 25643.35 and a low of 25232.80 for the week .
Bank Nifty this week triggered our weekly short trade and completed nearly 5 weekly short targets before taking the TSL . As mentioned in the previous weekly post " Now in the coming week Bank Nifty needs to break and sustain / close above 25645 for a test of 25760 - 25785 initially and closing above it we can see a further move till 25880 - 25985 . Similarly on sustaining / closing below 25435 we can see a test of 25320 - 25295 initially and closing below it we can see a test of 25200 - 25100 . Fresh longs can be entered on sustaining / closing above 25645 this week with a cbsl of 25570 and if Bank Nifty sustains / closes above 25760 - 25785 zone then the trailing cbsl should be moved to 25710 . Fresh shorts can be entered on sustaining / closing below 25435 . " and Bank Nifty made a low of 25232.80 just above our next support zone of 25200 - 25100 and reversed . Nifty has again made a new lifetime high this month and Bank Nifty is lagging behind and we need to see Bank Nifty move up for Nifty to sustain above 10615 - 10675 zone this month .
Now in the coming week Bank Nifty needs to break and sustain / close above 25725 for a test of 25850 - 25880 initially and closing above it we can see a further move till 25990 - 26110. Similarly on sustaining / closing below 25480 we can see a test of 25355 - 25325 initially and closing below it we can see a test of 25215 - 25095 . Fresh longs can be entered on sustaining / closing above 25725 this week with a cbsl of 25640 and if Bank Nifty sustains / closes above 25850 - 25880 zone then the trailing cbsl should be moved to 25760 . Fresh shorts can be entered on sustaining / closing below 25480 this week with a cbsl of 25565 and if Bank Nifty sustains / closes below 25355 - 25325 zone then the trailing cbsl should be moved to 25410 . Bank Nifty can face resistance near 25880 - 25920 zone if it sustains above 25760 in the coming week and those who are looking to enter fresh shorts in the upmove should keep a strict cbsl of 25920 .
In the month of January fresh longs can be considered on getting a consecutive close above 25760 and fresh short can be considered on getting a consecutive close below 25320 . Bank Nifty failed to give a consecutive close below 25320 last week inspite of Nifty giving a consecutive close below 10450 and it pulled back Nifty with it . We need both the index to move together for a stronger trend in any direction.
Bank Nifty Spot Levels for the week are
Long above 25675 , Tgt 25725 - 25760 - 25795
IF Bank Nifty spot manages to get a close / sustain above 25850 then
long again for 25880 - 25990 - 26110
Short below 25525 , Tgt 25480 - 25445 - 25410
IF Bank Nifty spot manages to get a close / sustain below 25355 then
short again for 25325 - 25215 - 25095
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.