This week Bank Nifty spot went down by 378 points and went up by 176 points over last weeks close before finally ending the week with a gain of 129 points compared to last weekly closing.
As per levels given for the previous week Bank Nifty Spot needed to break and sustain above 25350 to confirm uptrend and Bank Nifty spot needed to break and sustain below 25035 to confirm downtrend for the week. Bank Nifty made a high of 25367.70 and a low of 24813.60 for the week .
Bank Nifty this week triggered our weekly short trade and completed 4 weekly short targets as per levels and gave 250+ points . As mentioned in the previous weekly post " Now in the coming week Bank Nifty needs to break and sustain / close above 25350 for a test of 25510 - 25550 initially and closing above it we can see a further move till 25690 - 25850 . Similarly on sustaining / closing below 25035 we can see a test of 24875 - 24835 initially and closing below it we can see a test of 24690 - 24540 . Those who are holding short positions from last weeks confirmation below 25655 should keep a trailing cbsl of 25350 and should trail their cbsl further to 25145 once we get a close below 25035 this week . Fresh longs can be entered on sustaining / closing above 25350 and can be held on closing above 25555 . " and Bank Nifty took our trailing cbsl of shorts at 25145 for positions entered below 25655 .
Now in the coming week Bank Nifty needs to break and sustain / close above 25535 for a test of 25765 - 25820 initially and closing above it we can see a further move till 26015 - 26230. Similarly on sustaining / closing below 25105 we can see a test of 24880 - 24825 initially and closing below it we can see a test of 24625 - 24415 . Fresh longs can be entered on sustaining / closing above 25350 as per last weeks levels and can be held on closing above 25535 with a trailing cbsl of 25385 . Fresh shorts can be entered on sustaining / closing below 25105 . For a bigger upmove in December we need a consecutive close above 25655 . Those who are looking to go short on a bounce in the coming week should keep a strict cbsl of 25655 spot .
Bank Nifty Spot Levels for the week are
Long above 25455 , Tgt 25535 - 25600 - 25670
IF Bank Nifty spot manages to get a close / sustain above 25765 then
long again for 25820 - 26015 - 26230
Short below 25185 , Tgt 25105 - 25040 - 24975
IF Bank Nifty spot manages to get a close / sustain below 24880 then
short again for 24825 - 24625 - 24415
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 and continue trailing it further .
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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.