Bank Nifty spot opened at 23555.30 and made a high of 23562.80 and then made a low of 23399.40 , before closing at 23498.70.
Had mentioned that long positions can be taken above 23522 and short positions can be taken below 23433. Bank Nifty opened near our first long target as per daily levels and reversed . It then triggered our short trade and again completed just 1 target . Bank Nifty had triggered and confirmed our weekly short trade in the previous session below 23633 and today missed our fifth weekly short target by 10 points .
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 .Had mentioned in the previous post that " 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 " , today Bank Nifty broke below our cbsl for positional longs but bounced back to close well above it . Bank Nifty has closed at our weekly level to stay short and we can expect a further correction if Bank Nifty sustains below 23474 again in tomorrow's session . Bank Nifty has a strong support near 23235 and those who are holding shorts as per the weekly levels should look to book once near 23325 - 23285 incase Bank Nifty sustains below 23474 for a further correction tomorrow.
For today if Bank Nifty spot sustains above 23540 we can see a initial move till 23584 & on sustaining above 23595 we may see further move till 23674. Similarly if Bank Nifty spot sustains below 23457 we may see a initial move on the downside till 23414 & on sustaining below 23402 we may see further move till 23323
Bank Nifty Spot Levels for the day are
Long above 23540 for 23566 – 23595 – 23674 , SL 23486
Short below 23457 for 23432 – 23402 – 23323 , SL 23511
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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.