Bank Nifty spot opened at 23483.95 and made a low of 23476.85 and then made a new life time high of 23708.65 , before closing at 23690.90 which is a new lifetime high close .
Had mentioned that long positions can be taken above 23578 and short positions can be taken below 23494. Bank Nifty triggered our short trade at opening and did not complete any target . It then reversed and triggered our long trade for the day and missed our last target by 6 points .
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 . Those who are holding longs from the previous correction should now move up their trailing cbsl to 23430 . 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 23726 we can see a initial move till 23763 & on sustaining above 23773 we may see further move till 23840. Similarly if Bank Nifty spot sustains below 23656 we may see a initial move on the downside till 23618 & on sustaining below 23609 we may see further move till 23542
Bank Nifty Spot Levels for the day are
Long above 23726 for 23748 – 23773 – 23840 , SL 23680
Short below 23656 for 23634 – 23609 – 23542 , SL 23702
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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.