This week Bank Nifty spot went up 152 points over last weeks close and went down by 1005 points and finally ended the week with a loss of 842 points compared to last weekly closing .
As per levels given for the previous week Bank Nifty Spot needed to break and sustain above 25025 to confirm uptrend and Bank Nifty spot needed to break and sustain below 24630 to confirm downtrend for the week.
Bank Nifty triggered our weekly short trade and completed all oue weekly short targets giving 700+ points . Those who would have followed the daily levels along with weekly would have got 100 points more . Had mentioned in the previous weekly post " Now in the coming week Bank Nifty needs to break and sustain / close above 25025 for a test of 25235 - 25290 and above it we can see a further move till 25470 - 25670 . Similarly on sustaining / closing below 24630 we can see a test of 24420 - 24365 initially and further below it we can see a test of 24185 - 23985 .Those who are looking to go short should keep a cbsl of 25030 and those who are taking longs should keep a cbsl of 24630 for their positions . " , and Bank Nifty made a high of 24979.35 and reversed to make a low of 23822.20 . Those who entered shorts near 24950 with 25030 as cbsl got 300 additional points even before the weekly shorts got triggered .
Now in the coming week Bank Nifty needs to break and sustain / close above 24155 for a test of 24335 - 24375 initially and above it we can see a further move till 24530 - 24700 . Similarly on sustaining / closing below 23815 we can see a test of 23640 - 23595 initially and further below it we can see a test of 23445 - 23275 . Those who are holding shorts should now move their cbsl to 24155 from the cbsl of 25030 given last week and those who have entered fresh longs in the correction should keep a cbsl of 23815 for their positions.
Bank Nifty Spot Levels for the week are
Long above 24090 , Tgt 24155 - 24205 - 24260
IF Bank Nifty spot manages to get a close / sustain above 24335 then
long again for 24375 - 24530 - 24700
Short below 23880 , Tgt 23815 - 23765 - 23715
IF Bank Nifty spot manages to get a close / sustain below 23640 then
short again for 23595 - 23445 - 23275
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.