BANK NIFTY
This past week Bank Nifty spot went down by 98 points then went up by 932 points before finally ending the week with a gain of 847 points compared to last weekly closing.
Bank Nifty made a high of 30415.65 and made a low of 29385.45 in the previous week.
Had mentioned in previous weekly post that to confirm a long trade Bank Nifty needs to sustain /close above 29630 to enter for a test of 29875 - 29940 initially and above it further till 30155 - 30390 and to confirm a short trade Bank Nifty needs to sustain/close below 29160 to test 28915 - 28850 initially and below it further till 28640 - 28405 , and Bank Nifty triggered our long trade and completed all our targets giving 800+ points from the weekly long trade.
For this week :
Those who are looking to enter fresh longs should wait for Bank Nifty to sustain / close above 30550 and then enter for a initial target of 30770 - 30830 and look to hold further only on sustaining or getting a close above 30830 for the next targets of 31020 - 31230.
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Those who are looking to enter fresh short should wait for Bank Nifty to sustain / close below 30110 and then enter for a initial target of 29890 - 29830 and look to hold further only on sustaining or getting a close below 29830 for the next targets of 29640 - 29430.
For this month :
For the month of November , longs will be confirmed in Bank Nifty with a consecutive close above 30495 for a initial target of 30950 - 31065 and sustaining / closing above 31065 we can see a further move till 31455 - 31880 . Similarly Bank Nifty shorts will be confirmed with a consecutive close below 29640 for a initial target of 29185 - 29070 and sustaining / closing below 29070 we can see a further move till 28680 - 28250.
Bank Nifty has immediate resistance at 30330 - 30495 zone and it needs to sustain or give a consecutive close above 30495 for a further upmove towards 30950 - 31065 .
On the downside Bank Nifty has immediate support near 29800 - 29635 and it needs to sustain or give a consecutive close below 29635 for a further downmove towards 29185 - 29070 .
Bank Nifty Spot Levels for the week are
Long above 30465 , Tgt 30550 - 30610 - 30675
IF Bank Nifty spot manages to get a close / sustain above 30770 then
long again for 30830 - 31020 - 31230
Short below 30200 , Tgt 30110 - 30050 - 29985
IF Bank Nifty spot manages to get a close / sustain below 29890 then
short again for 29830 - 29640 - 29430
We have a Telegram Channel under the name of Simply Trade Stocks where live trading ideas are shared. Those who wish to join can click on this link " https://t.me/simplytradestocks " and open it with telegram .
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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