BANK NIFTY
This past week Bank Nifty spot went down by 107 points then went up by 463 points before finally ending the week with a gain of 103 points compared to last weekly closing.
Bank Nifty made a high of 31471.65 and made a low of 30901.85 in the previous week.
Had mentioned in previous weekly post that to confirm a long trade Bank Nifty needs to sustain /close above 31295 to enter for a test of 31595 - 31670 initially and above it further till 31930 - 32210 and to confirm a short trade Bank Nifty needs to sustain/close below 30725 to test 30425 - 30350 initially and below it further till 30090 - 29805 , and Bank Nifty triggered our long trade and completed our initial 3 targets giving 250+ points and took resistance below our expected resistance zone.
For this week :
Those who are looking to enter fresh longs should wait for Bank Nifty to sustain / close above 31395 and then enter for a initial target of 31690 - 31765 and look to hold further only on sustaining or getting a close above 31765 for the next targets of 32025 - 32300.
&
Those who are looking to enter fresh short should wait for Bank Nifty to sustain / close below 30830 and then enter for a initial target of 30530 - 30455 and look to hold further only on sustaining or getting a close below 30455 for the next targets of 30200 - 29920.
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 completed our initial targets and also reached our next targets post confirming our monthly longs making a high of 31471.65 giving 950+ points for the month.
Bank Nifty has outperformed the Nifty so far this month since Nifty is yet to even confirm its monthly long trade with a consecutive close above 12010. This is making us cautious for the expiry week as without the Nifty joining in the upmove, Bank Nifty might not be able to sustain this outperformance .
Bank Nifty has immediate resistance near 31395 - 31480 and it needs to sustain / close above for a further upmove towards 31690 - 31765 levels.
Now on the downside Bank Nifty has immediate support near 30940 - 30830 and it needs to sustain or give a consecutive close below 30830 for a further downmove towards 30530 - 30455 levels initially.
Bank Nifty Spot Levels for the week are
Long above 31285 , Tgt 31395 - 31480 - 31570
IF Bank Nifty spot manages to get a close / sustain above 31690 then
long again for 31765 - 32025 - 32300
Short below 30935 , Tgt 30830 - 30740 - 30655
IF Bank Nifty spot manages to get a close / sustain below 30530 then
short again for 30455 - 30200 - 29920
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 .
If you want to see the post in your Inbox , kindly register by adding your email id in the 'Subscribe to my posts' section on the top right side of the blog.
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.
No comments:
Post a Comment