This week Bank Nifty spot went down 35 points over last weeks close and went up by 356 points and finally ended the week with a gain of 255 points compared to last weekly closing .
As per levels given for the previous week Bank Nifty Spot needed to break and sustain above 21579 to confirm uptrend and Bank Nifty spot needed to break and sustain below 21285 to confirm downtrend for the week. Bank Nifty made a high of 21787.10 and a low of 21396.05 .
This week Bank Nifty triggered our long trade and completed 4 targets . As per the weekly levels posted for this week ' Bank Nifty needed to sustain above 21775 to continue upmove till 22060 ' and we saw it make a high of 21787.10 and reverse . The entire week Bank Nifty traded stronger than the Nifty and outperformed and in the coming week we can expect it to get aligned with the Nifty . Those who are looking to go long this week on a correction should keep a cbsl of 21083 for their positions.
For the month of April we can expect uptrend in Bank Nifty spot on a consecutive close above 21805 and downtrend in Bank Nifty spot on a consecutive close below 21083. Had mentioned last month 'For the month of March we can expect uptrend in Bank Nifty spot on a consecutive close above 20932 and we can expect downtrend in Bank Nifty spot on a consecutive close below 20283' and we got nearly 750+ points once it closed above 20932 in March .
In the coming week Bank Nifty spot needs to break and sustain above 21820 to confirm uptrend and then one can expect a move till 21955 initially and breaking and sustaining above 21995 will give further confirmation of the next move which can take us till 22240. Similarly Bank Nifty spot needs to break and sustain below 21555 to confirm downtrend and then one can expect a move till 21415 initially and breaking and sustaining below 21380 will give further confirmation of the next move which can take us down till 21130.
Bank Nifty Spot Levels for the week are
Long above 21770 , Tgt 21820 - 21860 - 21900
IF Bank Nifty spot manages to get a close / sustain above 21955 then
long again for 21995 - 22110 - 22240
Short below 21605 , Tgt 21555 - 21515 - 21475
IF Bank Nifty spot manages to get a close / sustain below 21415 then
short again for 21380 - 21260 - 21130
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.