This week Bank Nifty spot went down 106 points then went up 409 points over last weeks close and finally ended the week with a gain of 46 points compared to last weekly closing .
Last week we had mentioned that Bank Nifty Spot needs to break and sustain above 20104 to confirm uptrend and Bank Nifty spot needs to break and sustain below 19606 to confirm downtrend. Bank Nifty made a high of 20264.80 and a low of 19749.95 . We have closed just 18 points higher from where we were 3 weeks ago indicating that we are again seeing sideways moves.
This week Bank Nifty triggered our long trade and completed 3 targets giving nearly 240 points from the long trade . Had mentioned in the weekly post 2 weeks ago too that 'Bank Nifty has some support near 20080 levels which is also our trend continuation level for this month and once it breaks and sustains below the level it will indicate weakness in the current upmove and we can see a test of 19815 -19760 levels where we have the next support ' and we saw Bank Nifty make a low again of 19749.95 this week and take support there and bounce again till 20260 levels before profit booking set in . Though Bank Nifty closed above 20080 on thursday it failed to give a consecutive close above it . Have mentioned in the previous daily posts that now Bank Nifty needs to break and sustain above 20467 - 20505 for further upmove . We have a good support near 19495 which is also our trend reversal level and we might see it getting tested incase Bank Nifty breaks and sustains below 19705 - 19605 levels this week incase of a further correction. A consecutive close above 20467 can see Bank Nifty test 21150 levels . We are entering into the expiry week for the September series in the F&O segment and we may see some good swings between 19500 - 20400 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 20098 to confirm uptrend and then one can expect a move till 20305 initially and breaking and sustaining above 20357 will give further confirmation of the next move which can take us till 20732 . Similarly Bank Nity spot needs to break and sustain below 19706 to confirm downtrend and then one can expect a move till 19498 initially and breaking and sustaining below 19446 will give further confirmation of the next move which can take us down till 19072.
Bank Nifty Spot Levels for the week are
Long above 20023 , Tgt 20098 - 20158 - 20219
IF Bank Nifty spot manages to get a close / sustain above 20305 then
long again for 20357 - 20536 - 20732
Short below 19781 , Tgt 19706 - 19645 - 19585
IF Bank Nifty spot manages to get a close / sustain below 19498 then
short again for 19446 - 19268 - 19072
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.