This week Bank Nifty spot went up 255 points over last weeks close and went down by 47 points and finally ended the week with a loss of 13 points compared to last weekly closing .
As per levels given for the previous week Bank Nifty Spot needed to break and sustain above 21620 to confirm uptrend and Bank Nifty spot needed to break and sustain below 21270 to confirm downtrend for the week. Bank Nifty made a high of 21699.30 and a low of 21397 .
This week Bank Nifty triggered our long trade and missed our 3rd initial target by 25 points . As per levels posted in the previous weekly post ' Bank Nifty needed to sustain above 21620 to continue upmove till 22185 with resistance near 21805 - 21850 levels. Breaking and sustaining below 21270 we can see a down move till 20705 with support near 21085 - 21040 levels .
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 .
Those who are looking to go long this week on a further correction should keep a cbsl of 21083 for their positions .
In the coming week Bank Nifty spot needs to break and sustain above 21579 to confirm uptrend and then one can expect a move till 21735 initially and breaking and sustaining above 21775 will give further confirmation of the next move which can take us till 22060. Similarly Bank Nifty spot needs to break and sustain below 21285 to confirm downtrend and then one can expect a move till 21125 initially and breaking and sustaining below 21085 will give further confirmation of the next move which can take us down till 20805.
Bank Nifty Spot Levels for the week are
Long above 21523 , Tgt 21579 - 21625 - 21670
IF Bank Nifty spot manages to get a close / sustain above 21735 then
long again for 21775 - 21910 - 22060
Short below 21340 , Tgt 21285 - 21240 - 21190
IF Bank Nifty spot manages to get a close / sustain below 21125 then
short again for 21085 - 20950 - 20805
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.