Bank Nifty spot opened at 22857.60 and made a low of 22727.65 , it made a high of 22944.10 before closing at 22928.60
Had mentioned that long positions can be taken above 22886 and short positions can be taken below 22757. Bank Nifty triggered our short trade but did not sustain and took our SL . It then triggered our long trade and completed 2 targets for the day .
Now for this week Bank Nifty needs to break and sustain above 22838 for long confirmation, then we can expect a move till 22940 - 23015 levels initially and closing above 23058 we can expect the next move till 23209 - 23375 . Similarly Bank Nifty needs to break and sustain below 22506 for short confirmation then we can expect a move till 22403 - 22330 levels initially and closing below 22285 we can expect a further move till 22135 - 21970. Bank Nifty triggered our weekly long trade and completed our initial 3 targets giving around 150+ points . Bank Nifty now has a small resistance near 22985 - 23058 zone . Further upmove for this series can be expected on Bank Nifty sustaining / closing above 22985 .
For today if Bank Nifty spot sustains above 22992 we can see a initial move till 23059 & on sustaining above 23076 we may see further move till 23198 . Similarly if Bank Nifty spot sustains below 22865 we may see a initial move on the downside till 22798 & on sustaining below 22781 we may see further move till 22660
Bank Nifty Spot Levels for the day are
Long above 22992 for 23031 – 23076 – 23198 , SL 22909
Short below 22865 for 22826 – 22781 – 22660 , SL 22948
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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.