Bank Nifty spot opened at 22445.85 and made a high of 22449 , it went down till 22240.05 before closing at 22307.30
Had mentioned that long positions can be taken above 22392 and short positions can be taken below 22291 . Bank Nifty triggered our long trade by opening above our first target and reversed without giving any chance to enter the trade . It then triggered our short trade and completed just one target . Bank Nifty is also trading in a narrow range and we should see a breakout of this range soon. Currently Bank Nifty is trading in a range of 22228 - 22488 and breaking out of this range is required with volumes for a bigger move .
Now for this week Bank Nifty needs to break and sustain above 22488 for long confirmation, then we can expect a move till 22569 - 22626 levels initially and closing above 22621 we can expect the next move till 22779 - 22909 . Similarly Bank Nifty needs to break and sustain below 22228 for short confirmation then we can expect a move till 22148 - 22091 levels initially and closing below 22056 we can expect a further move till 21937 - 21807.
Bank Nifty is now approaching a resistance zone of 22525 - 22630 and further upmove can be seen on closing above this range. Those who are holding long should keep a cbsl of 22228 for their position. Those who are looking to go short on a further up move should keep a strict cbsl of 22705.
For the month of April, Bank Nifty gave a up move of nearly 575+ points after breaking and sustaining above our monthly long confirmation level of 21805.
For today if Bank Nifty spot sustains above 22353 we can see a initial move till 22401 & on sustaining above 22413 we may see further move till 22500 . Similarly if Bank Nifty spot sustains below 22262 we may see a initial move on the downside till 22214 & on sustaining below 22201 we may see further move till 22114
Bank Nifty Spot Levels for the day are
Long above 22353 for 22381 – 22413 – 22500 , SL 22293
Short below 22262 for 22234 – 22201 – 22114 , SL 22321
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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.