This week Bank Nifty spot went down by 68 points and went up by 613 points over last weeks close before finally ending the week with a gain of 536 points compared to last weekly closing.
As per levels given for the previous week Bank Nifty Spot needed to break and sustain above 27085 to confirm uptrend and Bank Nifty spot needed to break and sustain below 26735 to confirm downtrend for the week. Bank Nifty made a high of 27522.85 and a low of 26841.20 for the week .
Bank Nifty this week triggered our weekly long trade and completed 5 weekly long targets . As mentioned in the previous weekly post " Now in the coming week Bank Nifty needs to break and sustain / close above 27085 for a test of 27270 - 27320 initially and closing above it we can see a further move till 27480 - 27650 . Similarly on sustaining / closing below 26735 we can see a test of 26550 - 26500 initially and closing below it we can see a test of 26340 - 26165 . Those who entered longs above 25820 last week and are still holding should now move their trailing weekly cbsl to 26735 spot . Those who are looking to enter fresh shorts on further upmove should keep a strict cbsl of 27320 spot . " , and Bank Nifty made a high of 27522.85 this week . Those who were looking to enter fresh shorts their cbsl got hit .
Now in the coming week Bank Nifty needs to break and sustain / close above 27615 for a test of 27795 - 27835 initially and closing above it we can see a further move till 27990 - 28160. Similarly on sustaining / closing below 27275 we can see a test of 27100 - 27055 initially and closing below it we can see a test of 26900 - 26735 . Those who holding longs entered above 25820 with the trailing cbsl of 26735 mentioned last week , should now further move their weekly trailing cbsl to 27275 and should look to book if Bank Nifty is unable to break and sustain above 27795 - 27835 once weekly longs are confirmed . Those who are looking to enter fresh shorts on further upmove should keep a strict cbsl of 27850 spot
In the month of January longs were confirmed on getting a consecutive close above 25760 and our initial targets were completed at 26465 and we have been holding our long positions with weekly trailing cbsl and have been able to catch the entire move so far .
Bank Nifty Spot Levels for the week are
Long above 27550 , Tgt 27615 - 27665 - 27720
IF Bank Nifty spot manages to get a close / sustain above 27795 then
long again for 27835 - 27990 - 28160
Short below 27340 , Tgt 27275 - 27225 - 27175
IF Bank Nifty spot manages to get a close / sustain below 27100 then
short again for 27055 - 26900 - 26735
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.