This week Bank Nifty spot went up 25 points over last weeks close and went down by 283 points and finally ended the week with a loss of 63 points compared to last weekly closing .
As per levels given for the previous week Bank Nifty Spot needed to break and sustain above 24605 to confirm uptrend and Bank Nifty spot needed to break and sustain below 24265 to confirm downtrend for the week. Bank Nifty made a high of 24459.35 and a low of 24151.10 for the week .
Bank Nifty triggered our weekly short trade and completed our initial 3 short targets and then traded sideways . Had mentioned in the previous weekly post " Now in the coming week Bank Nifty needs to break and sustain / close above 24605 for a test of 24780 - 24825 initially and above it we can see a further move till 24975 - 25145 . Similarly on sustaining / closing below 24265 we can see a test of 24090 - 24045 initially and further below it we can see a test of 23890 - 23725 .Those who are holding longs should now move their cbsl to 24265 from the cbsl of 24065 given last week and those who have entered fresh shorts in the up move till 24494.35 should keep a cbsl of 24605 for their positions . " , and Bank Nifty took the cbsl of longs on Monday but closed above it for the rest of the week .
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 .
Bank Nifty Spot Levels for the week are
Long above 24455 , Tgt 24510 - 24550 - 24590
IF Bank Nifty spot manages to get a close / sustain above 24650 then
long again for 24690 - 24810 - 24950
Short below 24285 , Tgt 24235 - 24190 - 24150
IF Bank Nifty spot manages to get a close / sustain below 24090 then
short again for 24055 - 23930 - 23800
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.