This week Bank Nifty spot went down 758 points over last weeks close before finally ending the week with a loss of 316 points compared to last weekly closing .
As per levels given for the previous week Bank Nifty Spot needed to break and sustain above 24545 to confirm uptrend and Bank Nifty spot needed to break and sustain below 24195 to confirm downtrend for the week. Bank Nifty made a high of 24363.80 and a low of 23611.10 for the week .
Bank Nifty initially triggered our weekly short trade and completed all weekly short targets giving 649 points from it . Had mentioned in the previous weekly post " Now in the coming week Bank Nifty needs to break and sustain / close above 24545 for a test of 24730 - 24775 initially and above it we can see a further move till 24935 - 25110. Similarly on sustaining / closing below 24195 we can see a test of 24010 - 23965 initially and further below it we can see a test of 23805 - 23630 .Those who have entered shorts near 25050 when Bank Nifty was unable to close above 25085 and still holding should keep a trailing cbsl of 24550 " , and Bank Nifty made a low of 23611.10 just below our last target of 23630 . Those who holding shorts from 25050 and have booked their short positions at 23630 which was our last target should have got nearly 1300+ points .
Now in the coming week Bank Nifty needs to break and sustain / close above 24250 for a test of 24455 - 24505 initially and above it we can see a further move till 24685 - 24880 . Similarly on sustaining / closing below 23855 we can see a test of 23650 - 23600 initially and further below it we can see a test of 23420 - 23225 . Those who had taken short positions near 25050 when shorts were mentioned have got nearly 1300+ points till 23630 and should have booked their positions . Those who have taken longs should now keep a cbsl of 23855 and can hold their positions above 24250 . For a stronger upmove we need a close above 24460 this month . Fresh shorts can be taken on sustaining / closing below 23855 in the coming week . For a stronger downmove we need a close below 23650 this month .
Bank Nifty Spot Levels for the week are
Long above 24175 , Tgt 24250 - 24310 - 24370
IF Bank Nifty spot manages to get a close / sustain above 24455 then
long again for 24510 - 24685 - 24880
Short below 23930 , Tgt 23855 - 23800 - 23740
IF Bank Nifty spot manages to get a close / sustain below 23650 then
short again for 23600 - 23420 - 23225
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.