Bank Nifty spot opened at 23310.60 and made a high of 23464 , it made a low of 23141.15 before closing at 23182.75
Had mentioned that long positions can be taken above 23456 and short positions can be taken below 23268. Bank Nifty tested our long trigger and immediately reversed . It then triggered our short trade and completed 2 targets for the day . Today's move was reverse image of the previous session. Had mentioned in the previous post that Bank Nifty has its immediate resistance near 23480 - 23515 zone and immediate resistance near 23115 - 22985 zone . Today Bank Nifty traded well within the range of 23480 - 23115 consolidating and we should see a bigger move once its breaks and sustains beyond this initial outer range of 23515 - 22985 .
Now for this week Bank Nifty needs to break and sustain above 23610 for long confirmation, then we can expect a move till 23764 - 23873 levels initially and sustaining / closing above 23939 we can expect the next move till 24165 - 24413 . Similarly Bank Nifty needs to break and sustain below 23114 for short confirmation then we can expect a move till 22961 - 22852 levels initially and sustaining / closing below 22786 we can expect a further move till 22560 - 22312. Bank Nifty has a strong support now near 22515 - 22480 zone . Bank Nifty has immediate resistance near 23480 - 23515 zone and above that near 23760 - 23820 zone . Bank Nifty has its immediate support near 23115 - 22985 zone and below it near 22880 - 22800 . Today Bank Nifty has closed below our weekly short trigger level and it now needs to sustain / close below the short confirmation level of 23114 for a further correction and being unable to do so we can see a revisit of the recent highs .
For today if Bank Nifty spot sustains above 23280 we can see a initial move till 23382 & on sustaining above 23408 we may see further move till 23593 . Similarly if Bank Nifty spot sustains below 23086 we may see a initial move on the downside till 22983 & on sustaining below 22957 we may see further move till 22772
Bank Nifty Spot Levels for the day are
Long above 23280 for 23340 – 23408 – 23593 , SL 23153
Short below 23086 for 23025 – 22957 – 22772 , SL 23213
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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.