This week Bank Nifty spot went down 97 points and went up by 1176 points over last weeks close before finally ending the week with a gain of 830 points compared to last weekly closing.
As per levels given for the previous week Bank Nifty Spot needed to break and sustain above 24230 to confirm uptrend and Bank Nifty spot needed to break and sustain below 23790 to confirm downtrend for the week. Bank Nifty made a high of 25186.05 and a low of 23912.55 for the week .
Bank Nifty this week triggered our weekly long trade and completed all our weekly short targets giving around 800 points as per our levels and even bettered it by another 200 points .As mentioned in the previous weekly post " Now in the coming week Bank Nifty needs to break and sustain / close above 24230 for a test of 24465 - 24525 initially and above it we can see a further move till 24725 - 24945 . Similarly on sustaining / closing below 23790 we can see a test of 23555 - 23495 initially and further below it we can see a test of 23295 - 23075 . " and we saw Bank Nifty make a high of 25186.05 on the back of the recapitalization news of PSU banks and exceed our last long weekly target by 200 points .
Now in the coming week Bank Nifty needs to break and sustain / close above 25170 for a test of 25515 - 25600 initially and above it we can see a further move till 25900 - 26225. Similarly on sustaining / closing below 24510 we can see a test of 24165 - 24080 initially and further below it we can see a test of 23780 - 23455 . Those who have taken short positions above 25000 should keep a cbsl of 25170 .
Bank Nifty Spot Levels for the week are
Long above 25045 , Tgt 25170 - 25270 - 25370
IF Bank Nifty spot manages to get a close / sustain above 25515 then
long again for 25600 - 25900 - 26225
Short below 24635 , Tgt 24510 - 24410 - 24310
IF Bank Nifty spot manages to get a close / sustain below 24165 then
short again for 24080 - 23780 - 23455
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.