This week Bank Nifty spot went up 624 points over last weeks close and did not break below the previous weeks close before finally ending the week with a gain of 474 points compared to last weekly closing .
As per levels given for the previous week Bank Nifty Spot needed to break and sustain above 24510 to confirm uptrend and Bank Nifty spot needed to break and sustain below 24235 to confirm downtrend for the week. Bank Nifty made a high of 24994.30 and a low of 24458.25 for the week . Bank Nifty came close to its all time high this week but failed to break it .
Bank Nifty triggered our weekly long trade and completed all our weekly long targets giving 500+ points from it . Had mentioned in the previous weekly post " Now in the coming week Bank Nifty needs to break and sustain / close above 24510 for a test of 24650 - 24690 initially and above it we can see a further move till 24810 - 24950 . Similarly on sustaining / closing below 24235 we can see a test of 24090 - 24055 initially and further below it we can see a test of 23930 - 23800 .Those who are holding longs should keep a cbsl of 24230 and those who are holding positional shorts should keep a cbsl of 24685 for their positions . " , and Bank Nifty took the cbsl of shorts and made a high of 24994.30 .
Now in the coming week Bank Nifty needs to break and sustain / close above 24950 for a test of 25055 - 25085 initially and above it we can see a further move till 25180 - 25280 . Similarly on sustaining / closing below 24740 we can see a test of 24630 - 24605 initially and further below it we can see a test of 24510 - 24410 . Those who are holding longs should move up their cbsl to 24700 from 24230 mentioned last week .
Bank Nifty Spot Levels for the week are
Long above 24910 , Tgt 24950 - 24980 - 25010
IF Bank Nifty spot manages to get a close / sustain above 25055 then
long again for 25085 - 25180 - 25280
Short below 24780 , Tgt 24740 - 24710 - 24680
IF Bank Nifty spot manages to get a close / sustain below 24630 then
short again for 24605 - 24510 - 24410
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.