Bank Nifty spot opened at 23630.35 and made a new life time high of 23659.10 , it made a low of 23514.20 before closing at 23536.10
Had mentioned that long positions can be taken above 23613 and short positions can be taken below 23522. Bank Nifty opened above our daily long trigger level and completed 1 target but we did not get a good entry due to the gap up . Bank Nifty towards the end of the day triggered our short trade but reversed immediately .
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 again Bank Nifty closed 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 23440 . 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 23578 we can see a initial move till 23623 & on sustaining above 23634 we may see further move till 23715. Similarly if Bank Nifty spot sustains below 23494 we may see a initial move on the downside till 23449 & on sustaining below 23438 we may see further move till 23357
Bank Nifty Spot Levels for the day are
Long above 23578 for 23604 – 23634 – 23715 , SL 23549
Short below 23494 for 23468 – 23438 – 23357 , SL 23523
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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.