This week Bank Nifty spot went up by 138 points and then went down by 854 points before finally ending the week with a loss of 606 points compared to last weekly closing.
As per levels given for the previous week Bank Nifty Spot needed to break and sustain above 25150 to trigger uptrend and Bank Nifty spot needed to break and sustain below 24660 to trigger downtrend for the week. Bank Nifty made a high of 25040.25 and a low of 24048.55 .
As mentioned in the previous weekly post " Now in the coming week Bank Nifty needs to break and sustain / close above 25150 for a test of 25395 - 25460 initially and closing above it we can see a further move till 25680 - 25920 . Similarly on sustaining / closing below 24660 we can see a test of 24410 - 24345 initially and closing below it we can see a test of 24130 - 23890 . Those who have entered fresh shorts near 25700 with cbsl of 25920 given last week for fresh shorts to be taken can now trail their cbsl to 25160 and can further trail it to 24900 once we get a close below 24660 this week . Fresh longs can be considered above 25160 and if entered should book near 25395 - 25460 . " , and Bank Nifty made a low of 24048.55 near our last weekly targets .
Now in the coming week Bank Nifty needs to break and sustain / close above 24560 for a test of 24840 - 24910 initially and closing above it we can see a further move till 25150 - 25410. Similarly on sustaining / closing below 24030 we can see a test of 23755 - 23685 initially and closing below it we can see a test of 23445 - 23185 . Those who are holding shorts with the trailing cbsl of 24900 should now further trail their cbsl to 24560 and once we get a close below 24030 this week should further move it to 24215 . Fresh longs to be considered on closing above 24560 and should be booked once near initial targets of 24840 - 24910 .
For the month of March longs will be confirmed with a consecutive close above 25620 for a initial target of 26155 - 26295 and sustaining / closing above it we can see a further move till 26760 - 27270. Similarly shorts will be confirmed with a consecutive close below 24595 for a initial target of 24060 - 23920 and sustaining / closing below it we can see a further move till 23455 - 22950. Bank Nifty confirmed our monthly shorts and completed our initial targets of 24060 - 23920 with a low of 24048.55 . Now for a further correction we need a close below 23920 .
Bank Nifty Spot Levels for the week are
Long above 24460, Tgt 24560 - 24640 - 24725
IF Bank Nifty spot manages to get a close / sustain above 24840 then
long again for 24910 - 25150 - 25410
Short below 24135 , Tgt 24030 - 23950 - 23870
IF Bank Nifty spot manages to get a close / sustain below 23755 then
short again for 23685 - 23445 - 23185
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.