This week Bank Nifty spot went up 436 points and went down 118 points over last weeks close and finally ended the week with a gain of 263 points compared to last weekly closing
Last week we had mentioned that Bank Nifty Spot needs to break and sustain above 18851 to confirm uptrend and Bank Nifty spot needs to break and sustain below 18529 to confirm downtrend. Bank Nifty made a high of 19126.75 and a low of 18572.10 .
This week Bank Nifty triggered our long trade and completed 4 targets giving 300 points from the long trade. Had also mentioned in the previous weekly outlooks that 'We are now near a strong resistance level of 19155 as per our levels and one should watch out for a consecutive close above this level for more immediate upside as we may see a small correction atleast till near 18600 - 18400 levels before moving up further' . Last week we had seen a high of 19158 & this week we saw a high of 19126.75. So Bank Nifty took resistance as expected near 19155 - 19185 levels even though Nifty made new highs above the previous weeks high. This can be attributed to the fact that Bank Nifty had been out performing Nifty.
Trend continuation in Bank Nifty Spot for the month of August would be on a consecutive close above 19297 and trend reversal would be on a consecutive close below 18609.
In the coming week Bank Nifty spot needs to break and sustain above 19119 to confirm uptrend and then one can expect a move till 19295 initially and breaking and sustaining above 19340 will give further confirmation of the next move which can take us till 19657 . Similarly Bank Nity spot needs to break and sustain below 18787 to confirm downtrend and then one can expect a move till 18611 initially and breaking and sustaining below 18567 will give further confirmation of the next move which can take us down till 18249.
Bank Nifty Spot Levels for the week are
Long above 19056 , Tgt 19119 - 19171 - 19222
IF Bank Nifty spot manages to get a close / sustain above 19295 then
long again for 19340 - 19491 - 19657
Short below 18850 , Tgt 18787 - 18736 - 18684
IF Bank Nifty spot manages to get a close / sustain below 18611 then
short again for 18567 - 18415 - 18249
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 .
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.