Bank Nifty spot opened at 22618.30 and made a low of 22449.90 , it went up till 22743.70 before closing at 22720.10
Had mentioned that long positions can be taken above 22353 and short positions can be taken below 22262 . Bank Nifty opened above our last daily target and also above our 3rd long weekly target . It gave a chance to go long as per weekly levels on the dip and completed 4 weekly long targets and closed well above 22661 which is our level to stay long for 22779 - 22909 next . We were expecting a breakout of the range of 22228 - 22488 by Bank Nifty and it did it on the back of ICICI results which were taken positively by the market.
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. Today Bank Nifty has closed above 22621 opening doors for a move till 22779 - 22909 next . Those who are holding longs should move up their stoploss to 22625 spot .
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 move up their stoploss to 22625 from 22228 mentioned previously now for their positions. Had mentioned in the previous post that 'Those who are looking to go short on a further up move should keep a strict cbsl of 22705' which has been taken today . Though Bank Nifty has taken the cbsl for shorts today caution is advised at higher levels for longs if Nifty does not break and sustain above 9430 in the coming sessions
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 22776 we can see a initial move till 22835 & on sustaining above 22850 we may see further move till 22955 . Similarly if Bank Nifty spot sustains below 22664 we may see a initial move on the downside till 22605 & on sustaining below 22590 we may see further move till 22485
Bank Nifty Spot Levels for the day are
Long above 22776 for 22810 – 22850 – 22955 , SL 22703
Short below 22664 for 22630 – 22591 – 22485 , SL 22737
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. Also please give your valuable feedback by selecting the appropriate box at the bottom of the post.
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.