BANK NIFTY
This past week Bank Nifty spot went down by 786 points before finally ending the week with a loss of 180 points compared to last weekly closing.
Bank Nifty made a high of 27311.05 and made a low of 26641.35 in the previous week.
Had mentioned in previous weekly post that to confirm a long trade Bank Nifty needs to sustain /close above 27890 to enter for a test of 28385 - 28505 initially and above it further till 28930 - 29395 and to confirm a short trade Bank Nifty needs to sustain/close below 26965 to test 26475 - 26350 initially and below it further till 25925 - 25465 , and Bank Nifty confirmed our weekly short trade giving 300+ points.
For the coming week :
Those who are looking to enter fresh longs should wait for Bank Nifty to sustain / close above 27720 and then enter for a initial target of 28220 - 28345 and look to hold further only on sustaining or getting a close above 28345 for the next targets of 28775 - 29245.
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Those who are looking to enter fresh short should wait for Bank Nifty to sustain / close below 26775 and then enter for a initial target of 26275 - 26150 and look to hold further only on sustaining or getting a close below 26150 for the next targets of 25725 - 25250.
For the month of September , longs will be confirmed in Bank Nifty with a consecutive close above 28390 for a initial target of 29405 - 29660 and sustaining / closing above 29660 we can see a further move till 30535 - 31495 . Similarly Bank Nifty shorts will be confirmed with a consecutive close below 26465 for a initial target of 25450 - 25195 and sustaining / closing below 25195 we can see a further move till 24320 - 23360.
Bank Nifty has immediate resistance at 28030 - 28390 zone and it needs to give a consecutive close above it for a further upmove in the coming sessions.
On the downside Bank Nifty has immediate support near 26835 - 26465 and it needs to give a consecutive close below it for the correction to resume.
Bank Nifty Spot Levels for the week are
Long above 27540 , Tgt 27720 - 27865 - 28010
IF Bank Nifty spot manages to get a close / sustain above 28220 then
long again for 28345 - 28775 - 29245
Short below 26955 , Tgt 26775 - 26630 - 26485
IF Bank Nifty spot manages to get a close / sustain below 26275 then
short again for 26150 - 25725 - 25250
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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