This week Bank Nifty spot went down by 1427 points before finally ending the week with a loss of 988 points compared to last weekly closing.
As per levels given for the previous week Bank Nifty Spot needed to break and sustain above 26635 to trigger uptrend and Bank Nifty spot needed to break and sustain below 26265 to trigger downtrend for the week. Bank Nifty made a high of 26215.10 and a low of 25023.85 for the week .
As mentioned in the previous weekly post " Now in the coming week Bank Nifty needs to break and sustain / close above 26750 for a test of 27060 - 27140 initially and closing above it we can see a further move till 27410 - 27700 . Similarly on sustaining / closing below 26155 we can see a test of 25840 - 25760 initially and closing below it we can see a test of 25490 - 25200 . Those who are holding shorts entered below 27275 should now keep a trailing weekly cbsl of 26750 and should further move up their trailing cbsl to 26360 if Bank Nifty sustains / closes below 26155 spot . " , and Bank Nifty triggered our short trade for the week and gave us 1065 points completing our last weekly short target .
Now in the coming week Bank Nifty needs to break and sustain / close above 25640 for a test of 26050 - 26125 initially and closing above it we can see a further move till 26385 - 26670. Similarly on sustaining / closing below 25285 we can see a test of 24880 - 24800 initially and closing below it we can see a test of 24545 - 24260 . Those who holding shorts entered below 27275 and had moved their trailing cbsl further to 26360 on Bank Nifty sustaining / closing below 26155 spot as mentioned in the last weekly post , should now further move up their trailing cbsl to 25750 and also look to book if Bank Nifty does not sustain / close below 25180 spot this week.
For the month of February shorts have been confirmed below 26975 for a initial target of 26405 - 26295 and breaking and sustaining / closing below it we can see a test of 25940 - 25540 . Fresh long will be confirmed on a consecutive close above 27620 for a initial target of 28040 - 28150 and breaking and sustaining / closing above it we can see a test of 28505 - 28905 . Now as our monthly short targets are done , for further downmove now Bank Nifty needs to give a close below 25160 spot to test 24760 - 24660 levels initially and below it we can see a test of 24315 - 23950 . Taking support near 25305 - 25160 zone we can expect a pull back till 25775 - 25920 levels initially.
Bank Nifty Spot Levels for the week are
Long above 25640 , Tgt 25750 - 25835 - 25925
IF Bank Nifty spot manages to get a close / sustain above 26050 then
long again for 26125 - 26385 - 26670
Short below 25285 , Tgt 25180 - 25090 - 25005
IF Bank Nifty spot manages to get a close / sustain below 24880 then
short again for 24800 - 24545 - 24260
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 .
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.