This week Bank Nifty spot went down 379 points over last weeks close and finally ended the week with a loss of 188 points compared to last weekly closing .
As per levels given for the previous week Bank Nifty Spot needed to break and sustain above 23784 to confirm uptrend and Bank Nifty spot needed to break and sustain below 23598 to confirm downtrend for the week. Bank Nifty made a high of 23630.10 and a low of 23311.85
Bank Nifty triggered our weekly short trade and nearly completed all our short targets for the week missing our last target by 15 points , still giving around 300+ points from the trade . Bank Nifty has its immediate resistance near 23480 - 23515 zone and above that near 23760 - 23820 zone . Bank Nifty has its immediate support near 23315 - 22235 and below that near 22985 - 22880 . Those who are looking to go long now should keep a strict cbsl of 23235 . Holding 23235 we can see a test of the resistances at 23760 - 23820 on breaking and sustaining above 23480 - 23515 . Breaking and sustaining below 23235 we can see a test of the supports at 22985 - 22880
In the coming week Bank Nifty spot needs to break and sustain above 23620 to confirm uptrend and then one can expect a move till 23745 initially and breaking and sustaining above 23776 will give further confirmation of the next move which can take us till 24001. Similarly Bank Nifty spot needs to break and sustain below 23385 to confirm downtrend and then one can expect a move till 23261 initially and breaking and sustaining below 23229 will give further confirmation of the next move which can take us down till 23004.
Bank Nifty Spot Levels for the week are
Long above 23575 , Tgt 23620 - 23657 - 23693
IF Bank Nifty spot manages to get a close / sustain above 23745 then
long again for 23776 - 23883 - 24001
Short below 23430 , Tgt 23385 - 23349 - 23312
IF Bank Nifty spot manages to get a close / sustain below 23261 then
short again for 23229 - 23122 - 23004
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.