This week Bank Nifty spot went up by 1209 points over last weeks close before finally ending the week with a gain of 1160 points compared to last weekly closing.
As per levels given for the previous week Bank Nifty Spot needed to break and sustain above 25820 to confirm uptrend and Bank Nifty spot needed to break and sustain below 25675 to confirm downtrend for the week. Bank Nifty made a high of 26957.85 and a low of 25842.95 for the week .
Bank Nifty this week triggered our weekly long trade and completed all weekly long targets . As mentioned in the previous weekly post " Now in the coming week Bank Nifty needs to break and sustain / close above 25820 for a test of 25895 - 25915 initially and closing above it we can see a further move till 25980 - 26050 . Similarly on sustaining / closing below 25675 we can see a test of 25605 - 25585 initially and closing below it we can see a test of 25520 - 25450 . Fresh longs can be entered on sustaining / closing above 25820 this week with a cbsl of 25770. Fresh shorts can be entered on sustaining / closing below 25675 this week with a cbsl of 25725 . Bank Nifty can face resistance near 25900 - 25920 zone if it sustains above 25760 in the coming week." , and Bank Nifty made a high of 26957.85 once it crossed above 25900 - 25920 zone giving a huge move .
Now in the coming week Bank Nifty needs to break and sustain / close above 27085 for a test of 27270 - 27320 initially and closing above it we can see a further move till 27480 - 27650. Similarly on sustaining / closing below 26735 we can see a test of 26550 - 26500 initially and closing below it we can see a test of 26340 - 26165 . Those who entered longs above 25820 last week and are still holding should now move their trailing weekly cbsl to 26735 spot . Those who are looking to enter fresh shorts on further upmove should keep a strict cbsl of 27320 spot
As mentioned in the previous weekly post " In the month of January fresh longs can be considered on getting a consecutive close above 25760 and fresh short can be considered on getting a consecutive close below 25320 ." , Bank Nifty confirmed its monthly longs and had to close above its resistance zone of 25990 - 26050 for a test of 26250 - 26450 which has been done too . As expected we got a trending move once both the index confirmed their monthly longs .
Bank Nifty Spot Levels for the week are
Long above 27020 , Tgt 27085 - 27140 - 27195
IF Bank Nifty spot manages to get a close / sustain above 27270 then
long again for 27320 - 27480 - 27655
Short below 26800 , Tgt 26735 - 26680 - 26625
IF Bank Nifty spot manages to get a close / sustain below 26550 then
short again for 26500 - 26340 - 26165
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.