This week Bank Nifty spot went down by 382 points and then went down up 181 points before finally ending the week with a gain of 139 points compared to last weekly closing.
As per levels given for the previous week Bank Nifty Spot needed to break and sustain above 25425 to trigger uptrend and Bank Nifty spot needed to break and sustain below 24905 to trigger downtrend for the week. Bank Nifty made a high of 25345.15 and a low of 24781.70 for the week .
As mentioned in the previous weekly post " Now in the coming week Bank Nifty needs to break and sustain / close above 25425 for a test of 25700 - 25770 initially and closing above it we can see a further move till 26005 - 26265 . Similarly on sustaining / closing below 24905 we can see a test of 24630 - 24560 initially and closing below it we can see a test of 24325 - 24065 . Those who are holding shorts entered below 27275 should now move their trailing cbsl further to 25425 and should further move it to 25085 once we get a close below 24905 . Trailing the weekly cbsl helps us to take bigger points once we enter a position as per monthly levels . Bank Nifty sustaining / closing below 25160 can give a further downmove till 24760 - 24660 levels initially and below it we can see a further correction till 24315 - 23950 next . " , and Bank Nifty made a low of 24781.70 just above our initial support zone of 24760 - 24660 and also took our trailing cbsl at 25085 this week still giving us nearly 2000 points from the positional short trade .
Now in the coming week Bank Nifty needs to break and sustain / close above 25440 for a test of 25755 - 25815 initially and closing above it we can see a further move till 26015 - 26235. Similarly on sustaining / closing below 25165 we can see a test of 24850 - 24790 initially and closing below it we can see a test of 24590 - 24370 . Those who were holding shorts entered below 27275 have now got the trailing cbsl triggered at 25085 . Now Bank Nifty has resistance near 25755 - 25815 on sustaining / closing above 25525 and those who are looking to enter fresh shorts should keep a strict cbsl of 25920 . Those are entering longs above 25525 should keep a cbsl of 25370 and look to book near 25755 - 25815 or hold further only if we get a close above 25920 .
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 25440, Tgt 25525 - 25590 - 25660
IF Bank Nifty spot manages to get a close / sustain above 25755 then
long again for 25815 - 26015 - 26235
Short below 25165 , Tgt 25080 - 25015 - 24945
IF Bank Nifty spot manages to get a close / sustain below 24850 then
short again for 24790 - 24590 - 24370
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.