BANK NIFTY
This past week Bank Nifty spot went up by 1820 points , before finally ending the week with a gain of 895 points compared to last weekly closing.
Bank Nifty made a high of 30801.30 and made a low of 29470.10 in the previous week.
Had mentioned in previous weekly post that to confirm a long trade Bank Nifty needs to sustain /close above 29815 to enter for a test of 30695 - 30915 initially and above it further till 31675 - 32505 and to confirm a short trade Bank Nifty needs to sustain/close below 28150 to test 27270 - 27045 initially and below it further till 26290 - 25460 , and Bank Nifty initially confirmed our weekly long trade and nearly completed our initial targets.
For the coming week :
Those who are looking to enter fresh longs should wait for Bank Nifty to sustain / close above 30900 and then enter for a initial target of 31985 - 32260 and look to hold further only on sustaining or getting a close above 32260 for the next targets of 33190 - 34220.
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Those who are looking to enter fresh short should wait for Bank Nifty to sustain / close below 28850 and then enter for a initial target of 27770 - 27495 and look to hold further only on sustaining or getting a close below 27495 for the next targets of 26560 - 25535.
For the month of October , longs will be confirmed in Bank Nifty with a consecutive close above 32145 for a initial target of 34415 - 34985 and sustaining / closing above 34985 we can see a further move till 36935 - 39080 . Similarly Bank Nifty shorts will be confirmed with a consecutive close below 27860 for a initial target of 25590 - 25020 and sustaining / closing below 25020 we can see a further move till 23070 - 20925.
Bank Nifty has immediate resistance at 30510- 30900 zone and it needs to give a strong close above it for a further upmove .
On the downside Bank Nifty has immediate support near 29245 - 28850 and it needs to give a strong close below it for a correction.
Bank Nifty Spot Levels for the week are
Long above 30510 , Tgt 30900 - 31220 - 31535
IF Bank Nifty spot manages to get a close / sustain above 31985 then
long again for 32260 - 33190 - 34220
Short below 29245 , Tgt 28850 - 28535 - 28220
IF Bank Nifty spot manages to get a close / sustain below 27770 then
short again for 27495 - 26560 - 25535
Telegram Channel will be active from October for live trades under the name of Simply Trade . Those who wish to join can click on this link and open it with telegram https://t.me/joinchat/AAAAAFirR428Znf3BfpfmA
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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