This week Bank Nifty spot went down 211.60 points and went up by 589.75 points over last weeks close before finally ending the week with a gain of 499.15 points compared to last weekly closing.
As per levels given for the previous week Bank Nifty Spot needed to break and sustain above 24360 to confirm uptrend and Bank Nifty spot needed to break and sustain below 24020 to confirm downtrend for the week. Bank Nifty made a high of 24779.75 and a low of 23978.40 for the week .
Bank Nifty this week initially triggered ou short trade but could not sustain below our short confirmation level and reversed . It then triggered our long trade and completed 5 targets on the long side giving 450+ points. Had mentioned in the previous weekly post " Now in the coming week Bank Nifty needs to break and sustain / close above 24360 for a test of 24540 - 24585 initially and above it we can see a further move till 24740 - 24910. Similarly on sustaining / closing below 24020 we can see a test of 23840 - 23795 initially and further below it we can see a test of 23640 - 23470 .Those who have taken short positions near 24200 last week should keep a cbsl of 24460 for their positions. Those who are holding longs should move up their cbsl to 24020 from 23855 given last week and can hold their positions above 24360. . For a stronger upmove we need a close above 24460 this month . Fresh shorts can be taken on sustaining / closing below 24020 in the coming week . For a stronger downmove we need a close below 23650 this month . " , and Bank Nifty made a high of 24779.75 on holding our cbsl of 24020.
Bank Nifty Spot Levels for the week are
Long above 24790 , Tgt 24850 - 24900 - 24950
IF Bank Nifty spot manages to get a close / sustain above 25020 then
long again for 25065 - 25210 - 25370
Short below 24590 , Tgt 24530 - 24480 - 24430
IF Bank Nifty spot manages to get a close / sustain below 24360 then
short again for 24315 - 24170 - 24010
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.