This week Bank Nifty spot went up by 206 points and went down by 1082 points over last weeks close before finally ending the week with a loss of 995 points compared to last weekly closing.
As per levels given for the previous week Bank Nifty Spot needed to break and sustain above 27615 to confirm uptrend and Bank Nifty spot needed to break and sustain below 27275 to confirm downtrend for the week. Bank Nifty made a high of 27652.05 and a low of 26364.05 for the week .
As mentioned in the previous weekly post " Now in the coming week Bank Nifty needs to break and sustain / close above 27615 for a test of 27795 - 27835 initially and closing above it we can see a further move till 27990 - 28160 . Similarly on sustaining / closing below 27275 we can see a test of 27100 - 27055 initially and closing below it we can see a test of 26900 - 26735 . Those who entered longs above 26820 with trailing cbsl of 26735 mentioned last week, should now further move their trailing weekly cbsl to 27275 and should to book if Bank Nifty is unable to break and sustain above 27795 - 27835 once weekly longs are confirmed . Those who are looking to enter fresh shorts on further upmove should keep a strict cbsl of 27850 spot . " , and Bank Nifty took the trailing stoploss of weekly longs giving 400 points . Bank Nifty then confirmed our weekly shorts and completed all targets giving 600 points as per our levels and a further and bettered it by a further 400 points too .
Now in the coming week Bank Nifty needs to break and sustain / close above 26750 for a test of 27060 - 27140 initially and closing above it we can see a further move till 27410 - 27700. Similarly on sustaining / closing below 26155 we can see a test of 25840 - 25760 initially and closing below it we can see a test of 25490 - 25200 . Those who holding shorts entered below 27275 should now keep a trailing weekly cbsl of 26750 and should further move up their trailing cbsl to 26360 if Bank Nifty sustains / closes below 26155 spot .
For the month of February shorts have been confirmed below 26975 for a initial target of 26405 - 26295 and breaking and sustaining / closing below it we can see a test of 25940 - 25540 . Fresh long will be confirmed on a consecutive close above 27620 for a initial target of 28040 - 28150 and breaking and sustaining / closing above it we can see a test of 28505 - 28905 .
Bank Nifty Spot Levels for the week are
Long above 26635 , Tgt 26750 - 26840 - 26930
IF Bank Nifty spot manages to get a close / sustain above 27060 then
long again for 27140 - 27410 - 27700
Short below 26265 , Tgt 26155 - 26065 - 25975
IF Bank Nifty spot manages to get a close / sustain below 25840 then
short again for 25760 - 25490 - 25200
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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