This week Bank Nifty spot went up by 202 points and went down by 74 points over last weeks close before finally ending the week with a gain of 147 points compared to last weekly closing.
As per levels given for the previous week Bank Nifty Spot needed to break and sustain above 25725 to confirm uptrend and Bank Nifty spot needed to break and sustain below 25480 to confirm downtrend for the week. Bank Nifty made a high of 25803.80 and a low of 25527.50 for the week .
Bank Nifty this week triggered our weekly long trade and completed 3 weekly long targets . As mentioned in the previous weekly post " 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 . " and though Bank Nifty did not trigger our weekly sell , it did not give a move on the upside either and closed above 25725 on Friday . Nifty has been making new lifetime highs again this month and Bank Nifty is still lagging behind .
Now in the coming week Bank Nifty needs to break and sustain / close above 25820 for a test of 25895 - 25915 initially and closing above it we can see a further move till 25980 - 26050. Similarly on sustaining / closing below 25675 we can see a test of 25605 - 25585 initially and closing below it we can see a test of 25520 - 25450 . Fresh longs can be entered on sustaining / closing above 25820 this week with a cbsl of 25770 . Fresh shorts can be entered on sustaining / closing below 25675 this week with a cbsl of 25725 . Bank Nifty can face resistance near 25900 - 25920 zone if it sustains above 25760 in the coming week .
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 . Nifty has confirmed its monthly longs and is approaching its resistance zone whereas Bank Nifty is yet to confirm monthly longs . We need both the index to confirm together for a stronger trending move.
Bank Nifty Spot Levels for the week are
Long above 25795 , Tgt 25820 - 25845 - 25865
IF Bank Nifty spot manages to get a close / sustain above 25895 then
long again for 25915 - 25980 - 26050
Short below 25705 , Tgt 25675 - 25655 - 25635
IF Bank Nifty spot manages to get a close / sustain below 25605 then
short again for 25585 - 25520 - 25450
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.