This week Bank Nifty spot went up by 347 points and then went down up 363 points before finally ending the week with a loss of 300 points compared to last weekly closing.
As per levels given for the previous week Bank Nifty Spot needed to break and sustain above 25640 to trigger uptrend and Bank Nifty spot needed to break and sustain below 25285 to trigger downtrend for the week. Bank Nifty made a high of 25810.25 and a low of 25100.90 for the week .
As mentioned in the previous weekly post " Now in the coming week Bank Nifty needs to break and sustain / close above 25640 for a test of 26050 - 26125 initially and closing above it we can see a further move till 26385 - 26670 . Similarly on sustaining / closing below 26285 we can see a test of 24880 - 24800 initially and closing below it we can see a test of 24545 - 24260 . Those who are holding shorts entered below 27275 and had moved their trailing cbsl further to 26360 on Bank Nifty sustaining / closing below 26155 spot as mentioned in the last weekly post , should now further move up their trailing cbsl to 25750 and also look to book if Bank Nifty does not sustain / close below 25180 spot this week ." , and Bank Nifty held our trailing cbsl . Taking support near 25305 - 25160 zone we were expecting a pull back till 25775 - 25920 levels initially and holding the same we saw a high of 25810.25 last week .
Now in the coming week Bank Nifty needs to break and sustain / close above 25425 for a test of 25700 - 25770 initially and closing above it we can see a further move till 26005 - 26265. Similarly on sustaining / closing below 24905 we can see a test of 24630 - 24560 initially and closing below it we can see a test of 24325 - 24065 . Those who are holding shorts entered below 27275 should now move their trailing cbsl further to 25425 and should further move it to 25085 once we get a close below 24905 . Trailing the cbsl weekly helps us to take bigger points once we enter a position as per monthly levels . Bank Nifty sustaining / closing below 25160 can give a further downmove till 24760 - 24660 levels initially and below it we can see a further correction till 24315 - 23950 next .
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 . Now as our monthly short targets are done , for further downmove now Bank Nifty needs to give a close below 25160 spot to test 24760 - 24660 levels initially and below it we can see a test of 24315 - 23950 . Taking support near 25305 - 25160 zone we can expect a pull back till 25775 - 25920 levels initially.
Bank Nifty Spot Levels for the week are
Long above 25325, Tgt 25425 - 25505 - 25585
IF Bank Nifty spot manages to get a close / sustain above 25700 then
long again for 25770 - 26005 - 26265
Short below 25005 , Tgt 24905 - 24825 - 24745
IF Bank Nifty spot manages to get a close / sustain below 24630 then
short again for 24560 - 24325 - 24065
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.