This week Bank Nifty spot went down 222 points over last weeks close and went up by 336 points and finally ended the week with a gain of 200 points compared to last weekly closing .
As per levels given for the previous week Bank Nifty Spot needed to break and sustain above 24275 to confirm uptrend and Bank Nifty spot needed to break and sustain below 23875 to confirm downtrend for the week. Bank Nifty made a high of 24411.05 and a low of 23852.65 for the week .
Bank Nifty triggered our weekly short trade initially but could not sustain below it and reversed taking our TSL . Bank Nifty then triggered our weekly long trade and completed 3 weekly long targets giving around 200 points . Had mentioned in the previous weekly post " 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 . " , and Bank Nifty made a high of 24411.05 holding the cbsl of longs at 23875 .
Now in the coming week Bank Nifty needs to break and sustain / close above 24485 for a test of 24705 - 24760 initially and above it we can see a further move till 24950 - 25155 . Similarly on sustaining / closing below 24065 we can see a test of 23845 - 23790 initially and further below it we can see a test of 23600 - 23390 . Those who are holding longs should now move their cbsl to 24065 from the cbsl of 23875 given last week and those who have entered fresh shorts in the up move till 24400 should keep a cbsl of 24485 for their positions .
Bank Nifty Spot Levels for the week are
Long above 24405 , Tgt 24485 - 24550 - 24615
IF Bank Nifty spot manages to get a close / sustain above 24705 then
long again for 24760 - 24950 - 25155
Short below 24145 , Tgt 24065 - 24000 - 23935
IF Bank Nifty spot manages to get a close / sustain below 23845 then
short again for 23790 - 23600 - 23390
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.