This week Bank Nifty spot went up by 99 points and then went down by 884 points before finally ending the week with a loss of 819 points compared to last weekly closing.
As per levels given for the previous week Bank Nifty Spot needed to break and sustain above 24755 to trigger uptrend and Bank Nifty spot needed to break and sustain below 24225 to trigger downtrend for the week. Bank Nifty made a high of 24588.05 and a low of 23605.60 .
As mentioned in the previous weekly post " Now in the coming week Bank Nifty needs to break and sustain / close above 24755 for a test of 25040 - 25110 initially and closing above it we can see a further move till 25350 - 25615 . Similarly on sustaining / closing below 24225 we can see a test of 23940 - 23870 initially and closing below it we can see a test of 23630 - 23365 . Those who are looking to enter fresh shorts this week should keep a cbsl of 24760 and can trail their cbsl to 24410 once Bank Nifty closes below 24220. Fresh longs to be considered on closing above 24755 and should be booked once near initial targets of 25040 - 25180 . " , and Bank Nifty made a high of 24588.05 and gave a good chance to short with the cbsl of 24760 and made a low of 23605.60 completing 5 weekly short targets and giving around 800+ points from the weekly sell levels and nearly 1000+ from 24500 levels .
Now in the coming week Bank Nifty needs to break and sustain / close above 23855 for a test of 24050 - 24100 initially and closing above it we can see a further move till 24265 - 24450. Similarly on sustaining / closing below 23485 we can see a test of 23290 - 23240 initially and closing below it we can see a test of 23075 - 22890 . Those who are holding shorts entered near 24500 last week and had trailed their cbsl to 24410 should now further trail their cbsl to 23855 and look to book if Bank Nifty does not sustain / close below 23485 this week. Fresh longs to be considered on sustaining / closing above 23855 for a initial target of 24050 - 24100 and 24265 - 24450 next or on a further correction till 23290 - 23245 with a cbsl of 23055 . Existing shorts to be held if Bank Nifty sustains / closes below 23485 for a initial target of 23290 - 23245 and should be held further for a target of 23075 - 22890 only if we get a close below 23245 .
For the month of March longs will be confirmed with a consecutive close above 25620 for a initial target of 26155 - 26295 and sustaining / closing above it we can see a further move till 26760 - 27270. Similarly shorts will be confirmed with a consecutive close below 24595 for a initial target of 24060 - 23920 and sustaining / closing below it we can see a further move till 23455 - 22950. Bank Nifty had confirmed our monthly shorts and has reached close to our next targets of 23455 - 22950 with a low of 23605 last week .
Bank Nifty Spot Levels for the week are
Long above 23785 , Tgt 23855 - 23910 - 23970
IF Bank Nifty spot manages to get a close / sustain above 24050 then
long again for 24100 - 24265 - 24450
Short below 23555 , Tgt 23485 - 23430 - 23375
IF Bank Nifty spot manages to get a close / sustain below 23290 then
short again for 23240 - 23075 - 22890
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 .
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.Wee