Had mentioned that long positions can be taken above 23587 and short positions can be taken below 23499 . Bank Nifty opened near our 2nd long target for the day and did not give us a proper entry. It then reversed and triggered our short trade and completed all our daily targets . Bank failed to break above our weekly long confirmation levels today witht he gap and had also triggered our weekly short trade and nearly completed all our weekly short targets missing our last target by just 10 points giving around 400+ points from the trade .
Had mentioned in the previous post " Bank Nifty has its immediate support near 23285 - 23115 which can be tested once it breaks and sustains / closes below 23585 - 23425 zone in the coming sessions " and today we saw Bank Nifty make a low of 23055.75 . Now sustaining below 23270 we can see it retest 23055 - 22925 levels . Holding levels of 23055 - 22925 we can see it test again 23425 - 23505 levels initially .
For today if Bank Nifty spot sustains above 23275 we can see a initial move till 23338 & on sustaining above 23354 we may see further move till 23467. Similarly if Bank Nifty spot sustains below 23157 we may see a initial move on the downside till 23095 & on sustaining below 23075 we may see further move till 22965
Bank Nifty Spot Levels for the day are
Long above 23275 for 23312 – 23354 – 23467 , SL 23198
Short below 23157 for 23121 – 23075 – 22965 , SL 23235
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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.