This week Bank Nifty spot went down 99 points and went up 732 points over last weeks close and finally ended the week with a gain of 687 points compared to last weekly closing
Last week we had mentioned that Bank Nifty Spot needs to break and sustain above 19312 to confirm uptrend and Bank Nifty spot needs to break and sustain below 19079 to confirm downtrend. Bank Nifty made a high of 19928.20 and a low of 19096.70 .
This week Bank Nifty triggered our long trade and completed all our targets and went up further by 220 points giving nearly nearly 600+ points to longs . After 3 weeks we had seen a breakout above 19158 and also had managed to get a close above 19297 2 weeks ago which was our trend continuation level for further upmove in the month of August . Post that in the week gone by we saw Bank Nifty hold 19158 on closing and once Nifty Spot also broke and sustained above 8735 then we saw a good upmove come in Bank Nifty. Now breaking and sustaining below 19748 is required for a test of 19495 - 19315 levels in the coming week . We can expect a small resistance near 20020 - 20080 levels and breaking and sustaining above it we can test 20460 levels.
Trend continuation in Bank Nifty Spot for the month of September would be on a consecutive close above 20080 and trend reversal would be on a consecutive close below 19495.
In the coming week Bank Nifty spot needs to break and sustain above 20019 to confirm uptrend and then one can expect a move till 20162 initially and breaking and sustaining above 20198 will give further confirmation of the next move which can take us till 20457 . Similarly Bank Nity spot needs to break and sustain below 19748 to confirm downtrend and then one can expect a move till 19605 initially and breaking and sustaining below 19569 will give further confirmation of the next move which can take us down till 19310.
Bank Nifty Spot Levels for the week are
Long above 19967 , Tgt 20019 - 20060 - 20102
IF Bank Nifty spot manages to get a close / sustain above 20162 then
long again for 20198 - 20321 - 20457
Short below 19800 , Tgt 19748 - 19706 - 19664
IF Bank Nifty spot manages to get a close / sustain below 19605 then
short again for 19569 - 19445 - 19310
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 .
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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.