This week Bank Nifty spot went up 306 points and went down by 43 points over last weeks close and finally ended the week with a gain of 98 points compared to last weekly closing .
This week Bank Nifty spot broke above 23400 and made a new lifetime high at 23408.35 before closing at 23362.20
As per levels given for the previous week Bank Nifty Spot needed to break and sustain above 22894 to confirm uptrend and Bank Nifty spot needed to break and sustain below 22645 to confirm downtrend for the week. Bank Nifty made a high of 23408.35 and a low of 22469.80 .
This was zig zag move week on the Bank Nifty . Had mentioned in the previous weekly post that " Those who are holding longs should keep a trailing cbsl of 22505 for this week . Holding the cbsl we can see a move again till 22835 - 22985 . On sustaining / closing above 22985 we can see a move till 23230 - 23500 . Those who are looking to short again on rise should keep a strict cbsl of 22985 " , Bank Nifty gave a short trade initially with a cbsl of 22985 and then a long trade with cbsl of 22505 . Overall swing traders got nearly 1300 points from short and long trade with small stoploss of 80 points . Bank Nifty has its immediate resistance near 23480 - 23515 zone and above that near 23760 - 23820 zone . Bank Nifty has its immediate support near 23115 - 22985 and below that near 22880 - 22800 .
In the coming week Bank Nifty spot needs to break and sustain above 23610 to confirm uptrend and then one can expect a move till 23873 initially and breaking and sustaining above 23939 will give further confirmation of the next move which can take us till 24413. Similarly Bank Nifty spot needs to break and sustain below 23114 to confirm downtrend and then one can expect a move till 22852 initially and breaking and sustaining below 22786 will give further confirmation of the next move which can take us down till 22312.
Bank Nifty Spot Levels for the week are
Long above 23515 , Tgt 23610 - 23687 - 23764
IF Bank Nifty spot manages to get a close / sustain above 23873 then
long again for 23939 - 24165 - 24413
Short below 23209 , Tgt 23114 - 23038 - 22961
IF Bank Nifty spot manages to get a close / sustain below 22852 then
short again for 22786 - 22560 - 22312
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.