This week Bank Nifty spot went down by 200 points and then went up by 670 points before finally ending the week with a gain of 610 points compared to last weekly closing.
As per levels given for the previous week Bank Nifty Spot needed to break and sustain above 24560 to trigger uptrend and Bank Nifty spot needed to break and sustain below 24080 to trigger downtrend for the week. Bank Nifty made a high of 24933.60 and a low of 24062.95 .
As mentioned in the previous weekly post " 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 till 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 24560 . " , and Bank Nifty made a low of 24062.95 and gave a good entry to go long and completed our initial weekly long targets .
Now in the coming week Bank Nifty needs to break and sustain / close above 25135 for a test of 25530 - 25635 initially and closing above it we can see a further move till 25975 - 26350. Similarly on sustaining / closing below 24385 we can see a test of 23990 - 23890 initially and closing below it we can see a test of 23550 - 23175 . Those who are holding longs should now move their trailing cbsl to 24385 and can hold further only on closing above 25135 with a further trailing cbsl of 24645 and look to book once near 25530 - 25635 . Those who are looking to short should wait for Bank Nifty to sustain / close below 24385 or near 25530 with a cbsl of 25635 .
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. Though Nifty has confirmed our monthly longs we would need Bank Nifty to also confirm it for a further confirmation .
Bank Nifty Spot Levels for the week are
Long above 24990 , Tgt 25135 - 25250 - 25365
IF Bank Nifty spot manages to get a close / sustain above 25530 then
long again for 25635 - 25975 - 26350
Short below 24525 , Tgt 24385 - 24270 - 24155
IF Bank Nifty spot manages to get a close / sustain below 23990 then
short again for 23890 - 23550 - 23175
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.