BANK NIFTY
This week Bank Nifty spot went up by 671 points before finally ending the week with a gain of 442 points compared to last weekly closing.
As per levels given for the previous week Bank Nifty Spot needed to sustain and close above 26610 to trigger uptrend and Bank Nifty spot needed to sustain and close below 26375 to trigger downtrend for the week. Bank Nifty made a high of 27164.8 and made a low of 26611.55 .
As mentioned in the previous weekly post " Now in the coming week Bank Nifty needs to break and sustain / close above 26610 for a test of 26735 - 26765 initially and closing above it we can see a further move till 26870 - 26985 . Similarly on sustaining / closing below 26375 we can see a test of 26255 - 26225 initially and closing below it we can see a test of 26120 - 26000 . Those who are looking to enter fresh long positions should wait for Bank Nifty to sustain / close above 26610 and look to hold further only on getting a close above 26735 - 26765 zone. Those who are looking to enter fresh shorts should wait for Bank Nifty to sustain / close below 26375 and look to hold further only on getting a close below 26255 - 26225 zone . " , and we saw Bank Nifty trigger our weekly longs and make a high of 27164.80 after confirming our monthly longs too .
Now in the coming week Bank Nifty needs to break and sustain / close above 27065 for a test of 27205 - 27240 initially and closing above it we can see a further move till 27360 - 27490. Similarly on sustaining / closing below 26805 we can see a test of 26665 - 26630 initially and closing below it we can see a test of 26510 - 26380 . Those who are looking to enter fresh long positions should wait for Bank Nifty to sustain / close above 27065 and look to hold further only getting a close above 27205 - 27240 zone . Those who are looking to enter fresh shorts should wait for Bank Nifty to sustain / close below 26805 and look to hold further only on getting a close below 26665 - 26630 zone .
Had mentioned at the start of the month " For July Bank Nifty monthly longs will be confirmed with a consecutive close above 26715 for a initial target of 27080 - 27170 and sustaining / closing above it we can see a further move till 27485 - 27835. Similarly shorts will be confirmed with a consecutive close below 26015 for a initial target of 25650 - 25555 and sustaining / closing below it we can see a further move till 25240 - 24895." , and Bank Nifty confirmed our monthly longs and completed our initial targets of 27080 - 27170 with a high of 27164.80 . Now for a further upmove in the coming week Bank Nifty needs to close above 27080 - 27170 to test the next targets of 27485 - 27835 else we might see a move back to 26715 - 26665 .
Bank Nifty Spot Levels for the week are
Long above 27020 , Tgt 27065 - 27110 - 27150
IF Bank Nifty spot manages to get a close / sustain above 27205 then
long again for 27240 - 27360 - 27490
Short below 26855 , Tgt 26805 - 26765 - 26725
IF Bank Nifty spot manages to get a close / sustain below 26665 then
short again for 26630 - 26510 - 26380
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.
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