This week Bank Nifty spot went up 101 points and went down 576 points over last weeks close and finally ended the week with a loss of 380 points compared to last weekly closing .
Last week we had mentioned that Bank Nifty Spot needs to break and sustain above 19610 to confirm uptrend and Bank Nifty spot needs to break and sustain below 19190 to confirm downtrend. Bank Nifty made a high of 19501.45 and a low of 18824.40 .
This week Bank Nifty triggered our short trade and completed 4 targets giving around 400+ points from the short trade . Had mentioned in the weekly post 4 weeks ago too that 'Bank Nifty has some support near 20080 levels which is also our trend continuation level for September month and once it breaks and sustains below the level it will indicate weakness in the current upmove ' . Have mentioned in the previous daily posts that 'once Bank Nifty breaks below our immediate support of 19702 - 19605 we can expect the next support of 19495 which is also our trend reversal level of Septmber to be tested. Once it sustains below 19495 then we may see it test the next supports of 19315 - 19185 levels. Incase of a break of 19050 level Bank Nifty has a small support near 18885 - 18835 levels . We have seen a correction now of nearly 1200+ points from our caution level of 20080 given 4 weeks ago. Incase Bank Nifty breaks and sustains below the lows of this week then we can expect a small support near 18715 - 18570 levels . Bank Nifty has managed to hold 18835 levels on closing for the past 2 days and on continuing the same we should see a retest of 19315 - 19495 levels and above it till 19605 - 19702 levels . IF Bank Nifty spot gives a consecutive close above 19737 we may see it test higher levels .
For the month of October we can expect uptrend in Bank Nifty Spot on a consecutive close above 19737 and downtrend continuation would be on a consecutive close below 18835.
In the coming week Bank Nifty spot needs to break and sustain above 19211 to confirm uptrend and then one can expect a move till 19413 initially and breaking and sustaining above 19464 will give further confirmation of the next move which can take us till 19828 . Similarly Bank Nity spot needs to break and sustain below 18829 to confirm downtrend and then one can expect a move till 18628 initially and breaking and sustaining below 18577 will give further confirmation of the next move which can take us down till 18212.
Bank Nifty Spot Levels for the week are
Long above 19138 , Tgt 19211 - 19270 - 19329
IF Bank Nifty spot manages to get a close / sustain above 19413 then
long again for 19464 - 19637 - 19828
Short below 18902 , Tgt 18829 - 18770 - 18712
IF Bank Nifty spot manages to get a close / sustain below 18628 then
short again for 18577 - 18403 - 18212
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.