This week Bank Nifty spot went down 333 points and went up by 426 points over last weeks close before finally ending the week with a gain of 229 points compared to last weekly closing.
As per levels given for the previous week Bank Nifty Spot needed to break and sustain above 25715 to confirm uptrend and Bank Nifty spot needed to break and sustain below 25285 to confirm downtrend for the week. Bank Nifty made a high of 25924.90 and a low of 25166.35 for the week .
Bank Nifty this week initially triggered our weekly short trade and nearly completed 3 weekly short targets missing our 3rd tgt by 10 points before taking our TSL . Bank Nifty triggered our weekly long trade and completed 3 weekly long targets too giving another 200 points. As mentioned in the previous weekly post " Now in the coming week Bank Nifty needs to break and sustain / close above 25715 for a test of 25935 - 25995 initially and above it we can see a further move till 26190 - 26400 . Similarly on sustaining / closing below 25285 we can see a test of 25060 - 25000 initially and further below it we can see a test of 24810 - 24595 . Those who have already entered long positions or are looking to go long should keep a cbsl of 25185 and can hold their positions on sustaining / closing above 25715 . Those who are looking to short on rise in the coming week should keep a strict cbsl of 25715 spot . " and though we saw Bank Nifty make a low of 25166.35 nearly completing our initial 3 weekly short targets but it also held our cbsl for longs of 25185 and gave a good entry for longs and made a high of 25924.90 and also closed above 25715 .
Now in the coming week Bank Nifty needs to break and sustain / close above 25915 for a test of 26115 - 26160 initially and above it we can see a further move till 26330 - 26520. Similarly on sustaining / closing below 25540 we can see a test of 25345 - 25295 initially and further below it we can see a test of 25125 - 24940 . Those who are holding long positions with last weeks given cbsl of 25185 should trail their cbsl to 25540 now or book if bank nifty again breaks above 25925 and fails to close above it . Those who are looking to go short on rise in the coming week should keep a strict cbsl of 25915 spot or go short below 25540 .
Bank Nifty Spot Levels for the week are
Long above 25845 , Tgt 25915 - 25970 - 26030
IF Bank Nifty spot manages to get a close / sustain above 26110 then
long again for 26160 - 26330 - 26520
Short below 25615 , Tgt 25540 - 25485 - 25425
IF Bank Nifty spot manages to get a close / sustain below 25345 then
short again for 25295 - 25125 - 24940
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.