This week Bank Nifty spot went down 107 points and went up by 120 points over last weeks close before finally ending the week with a gain of 51 points compared to last weekly closing.
As per levels given for the previous week Bank Nifty Spot needed to break and sustain above 25915 to confirm uptrend and Bank Nifty spot needed to break and sustain below 25540 to confirm downtrend for the week. Bank Nifty made a high of 25849 and a low of 25620.95 for the week .
Bank Nifty this week did not trigger a weekly trade in either direction and traded in a zone within our long and short confirmation levels of 25540 - 25915 the whole week . As mentioned in the previous weekly post " 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 . " and Bank Nifty held our trailing cbsl of 25540 for longs entered in the dips near 25200 and also failed to break above 25925 for us to close the positions.
Now in the coming week Bank Nifty needs to break and sustain / close above 25905 for a test of 26025 - 26060 initially and above it we can see a further move till 26170 - 26290. Similarly on sustaining / closing below 25655 we can see a test of 25530 - 25500 initially and further below it we can see a test of 25390 - 25270 . Those who are holding long positions with last weeks given cbsl of 25540 should trail their cbsl to 25655 now. Those who are looking to go short on rise in the coming week should keep a strict cbsl of 25905 spot or go short below 25660 . Nifty has been strong last week and now we need Bank Nifty to participate next week for new highs to be tested on both indexes .
Bank Nifty Spot Levels for the week are
Long above 25855 , Tgt 25905 - 25940 - 25975
IF Bank Nifty spot manages to get a close / sustain above 26025 then
long again for 26060 - 26170 - 26290
Short below 25705 , Tgt 25655 - 25620 - 25585
IF Bank Nifty spot manages to get a close / sustain below 25530 then
short again for 25500 - 25390 - 25270
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.