This week Bank Nifty spot went up 510 points over last weeks close and went down by 60 points and finally ended the week with a gain of 89 points compared to last weekly closing .
As per levels given for the previous week Bank Nifty Spot needed to break and sustain above 24155 to confirm uptrend and Bank Nifty spot needed to break and sustain below 23815 to confirm downtrend for the week. Bank Nifty made a high of 24496.20 and a low of 23925.95 for the week .
Bank Nifty triggered our weekly long trade and completed 4 weekly long targets giving around 300 points . Had mentioned in the previous weekly post " 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 . " , and Bank Nifty made a high of 24496.20 on sustaining above 24155 .
Now in the coming week Bank Nifty needs to break and sustain / close above 24275 for a test of 24485 - 24535 initially and above it we can see a further move till 24715 - 24915 . Similarly on sustaining / closing below 23875 we can see a test of 23665 - 23615 initially and further below it we can see a test of 23435 - 23235 . Those who are holding longs should now move their cbsl to 23875 from the cbsl of 23815 given last week and those who have entered fresh shorts in the up move should keep a cbsl of 24275 for their positions .
Bank Nifty Spot Levels for the week are
Long above 24195 , Tgt 24275 - 24335 - 24395
IF Bank Nifty spot manages to get a close / sustain above 24485 then
long again for 24535 - 24715 - 24915
Short below 23955 , Tgt 23875 - 23815 - 23755
IF Bank Nifty spot manages to get a close / sustain below 23665 then
short again for 23615 - 23435 - 23235
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.