This week Bank Nifty spot went up 260 points over last weeks close and went down by 300 points and finally ended the week with a loss of 135 points compared to last weekly closing .
As per levels given for the previous week Bank Nifty Spot needed to break and sustain above 21820 to confirm uptrend and Bank Nifty spot needed to break and sustain below 21555 to confirm downtrend for the week. Bank Nifty made a high of 21947 and a low of 21386.20 .
This week Bank Nifty triggered our long trade and completed our initial 3 targets giving around 150 points . Further upmove was on sustaining above 21955 and the high made was 21947 . Bank Nifty then triggered our short trade and completed our initial 3 targets giving around 200 points . There was a short trade available earlier with a SL at 21995 which was the next confirmation level for longs and those who would have taken the trade would have gained an additional 350 points with a small SL of 50 points . Those who are looking to go long this week on a correction should keep a cbsl of 21083 for their positions. We are entering the expiry week for this month and we can expect selling pressure if Bank Nifty breaks and sustains below 21350
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 . This week Bank Nifty broke above our monthly long confirmation level but failed to close above it and we saw a correction of 550+ points from the highs. This week we can expect selling pressure near 21749 - 21774 and one should watch the price action at this range to decide the next trade if weekly longs are confirmed .
In the coming week Bank Nifty spot needs to break and sustain above 21647 to confirm uptrend and then one can expect a move till 21749 initially and breaking and sustaining above 21774 will give further confirmation of the next move which can take us till 21958. Similarly Bank Nifty spot needs to break and sustain below 21456 to confirm downtrend and then one can expect a move till 21354 initially and breaking and sustaining below 21329 will give further confirmation of the next move which can take us down till 21145.
Bank Nifty Spot Levels for the week are
Long above 21611 , Tgt 21647 - 21677 - 21707
IF Bank Nifty spot manages to get a close / sustain above 21749 then
long again for 21774 - 21862 - 21958
Short below 21492 , Tgt 21456 - 21426 - 21396
IF Bank Nifty spot manages to get a close / sustain below 21354 then
short again for 21329 - 21241 - 21145
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.