This week Bank Nifty spot went down by 13 points and then went up by 827 points before finally ending the week with a gain of 593 points compared to last weekly closing.
As per levels given for the previous week Bank Nifty Spot needed to break and sustain above 23855 to trigger uptrend and Bank Nifty spot needed to break and sustain below 23485 to trigger downtrend for the week. Bank Nifty made a high of 24496.95 and a low of 23657.05 .
As mentioned in the previous weekly post " Now in the coming week Bank Nifty needs to break and sustain / close above 23855 for a test of 24050 - 24100 initially and closing above it we can see a further move till 24265 - 24450 . Similarly on sustaining / closing below 23485 we can see a test of 23290 - 23240 initially and closing below it we can see a test of 23075 - 22890 . Those who are holding shorts entered near 24500 last week and had trailed their cbsl to 24410 should now further trail their cbsl to 23855 and look to book if Bank Nifty does not sustain / close below 23485 this week . Fresh longs to be considered on sustaining / closing above 23855 for a initial target of 24050 - 24100 & 24265 - 24450 next or on a further correction till 23290 - 23245 with a cbsl of 23055 . Existing shorts to be held if Bank Nifty sustains / closes below 23485 for a initial target of 23290 - 23245 and should be held further for a target of 23075 - 22890 only if we get a close below 23245 . " , and Bank Nifty made a low of 23657.05 and did not give existing shorts a reason to hold further . Bank Nifty made a high of 24496.95 and completed all our weekly long targets giving around 700 points from the weekly long trade .
Now in the coming week Bank Nifty needs to break and sustain / close above 24560 for a test of 24875 - 24955 initially and closing above it we can see a further move till 25225 - 25520. Similarly on sustaining / closing below 23965 we can see a test of 23655 - 23575 initially and closing below it we can see a test of 23305 - 23005 . Those who are looking to enter fresh longs this week should look at Bank Nifty sustaining / closing above 24560 to enter longs or on a dip near 24000 with a cbsl of 23965 . Those who are looking to short should wait for Bank Nifty to sustain / close below 23965 or near 24450 with a cbsl of 23560 .
For the month of April longs will be confirmed with a consecutive close above 24880 for a initial target of 25525 - 25690 and sustaining / closing above it we can see a further move till 26250 - 26865. Similarly shorts will be confirmed with a consecutive close below 23650 for a initial target of 23000 - 22835 and sustaining / closing below it we can see a further move till 22275 - 21665.
Bank Nifty Spot Levels for the week are
Long above 24450 , Tgt 24560 - 24650 - 24745
IF Bank Nifty spot manages to get a close / sustain above 24875 then
long again for 24955 - 25225 - 25520
Short below 24080 , Tgt 23965 - 23875 - 23785
IF Bank Nifty spot manages to get a close / sustain below 23655 then
short again for 23575 - 23305 - 23005
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.