This week Bank Nifty spot went up 120 points and went down by 765.45 points over last weeks close before finally ending the week with a loss of 679.40 points compared to last weekly closing.
As per levels given for the previous week Bank Nifty Spot needed to break and sustain above 24850 to confirm uptrend and Bank Nifty spot needed to break and sustain below 24530 to confirm downtrend for the week. Bank Nifty made a high of 24809.15 and a low of 23923.70 for the week .
Bank Nifty this week triggered our short trade and completed all our weekly short targets giving around 580 points . Bank Nifty needed to sustain above 24850 to confirm longs which did not happen and once it sustained below 24530 we saw a quick fall of nearly 600 points .
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 .
Bank Nifty Spot Levels for the week are
Long above 24145 , Tgt 24230 - 24300 - 24370
IF Bank Nifty spot manages to get a close / sustain above 24465 then
long again for 24525 - 24725 - 24945
Short below 23870 , Tgt 23790 - 23720 - 23650
IF Bank Nifty spot manages to get a close / sustain below 23555 then
short again for 23495 - 23295 - 23075
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 .
If you want to see the post in your Inbox , kindly register by adding your email id in the 'Subscribe to my posts' section on the top right side of the blog.
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.