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 .
As per levels given for the previous week Bank Nifty Spot needed to break and sustain above 22838 to confirm uptrend and Bank Nifty spot needed to break and sustain below 22505 to confirm downtrend for the week. Bank Nifty made a high of 22978.15 and a low of 22628.45 .
This week Bank Nifty triggered our long trade and completed the initial 3 targets giving around 150+ points from the long trade . Bank Nifty made a similar high as the previous week and failed to break above 23013 - 23058 above which further up move was expected. 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 made a high of 22978.15 and gave a good entry for taking shorts with a small cbsl of 10 points at 22985 and we saw a good correction . Those who would have taken the short positions would have got nearly 350 points from the short trade too .
In the coming week Bank Nifty spot needs to break and sustain above 22894 to confirm uptrend and then one can expect a move till 23025 initially and breaking and sustaining above 23058 will give further confirmation of the next move which can take us till 23295. Similarly Bank Nifty spot needs to break and sustain below 22645 to confirm downtrend and then one can expect a move till 22515 initially and breaking and sustaining below 22481 will give further confirmation of the next move which can take us down till 22244. We are entering into the expiry week for May series and we can expect some swings . Bank Nifty is currently trading in a range of 22515 - 22985 and it needs to break and sustain / close beyond these levels for a bigger move.
Bank Nifty Spot Levels for the week are
Long above 22846 , Tgt 22894 - 22932 - 22970
IF Bank Nifty spot manages to get a close / sustain above 23025 then
long again for 23058 - 23171 - 23295
Short below 22693 , Tgt 22645 - 22607 - 22569
IF Bank Nifty spot manages to get a close / sustain below 22515 then
short again for 22481 - 22368 - 22244
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.