Bank Nifty spot opened at 23482.85 and made a low of 23427.55 , it made a new life time high of 23606.15 before closing at a new life time of 23567.65
Had mentioned that long positions can be taken above 23504 and short positions can be taken below 23328. Bank Nifty triggered our long trade and completed and missed our 2nd target by 15 points and closed for the first time above 23550
Have mentioned in the previous posts that Bank Nifty has its immediate resistance near 23480 - 23515 zone and immediate support near 23115 - 22985 zone . We should see a bigger move once its breaks and sustains beyond this initial outer range of 23515 - 22985.
Bank Nifty has a strong support now near 22515 - 22480 zone . Bank Nifty has its next immediate resistance near 23760 - 23820 once it breaks and sustains / closes above 23480 - 23515 zone . Bank Nifty has its next immediate support near 22880 - 22800 once it breaks and sustains / closes below 23115 - 22985 zone . Today Bank Nifty closed well above 23515 and sustaining above it we can see a test of 23760 - 23820 . Those who are holding longs from the previous correction should now move up their trailing cbsl to 23340 . Those who are looking to go short on a further upmove till 23760 - 23820 should keep a strict cbsl of 23930 .
For today if Bank Nifty spot sustains above 23613 we can see a initial move till 23661 & on sustaining above 23673 we may see further move till 23760. Similarly if Bank Nifty spot sustains below 23522 we may see a initial move on the downside till 23474 & on sustaining below 23462 we may see further move till 23376
Bank Nifty Spot Levels for the day are
Long above 23613 for 23641 – 23673 – 23760 , SL 23554
Short below 23522 for 23494 – 23462 – 23376 , SL 23582
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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.