Had mentioned that long positions can be taken above 23275 and short positions can be taken below 23157 . Bank Nifty triggered our short trade and completed just one target. Bank Nifty also triggered our long trade and completed just 1 target . Bank Nifty traded in a narrow range today after achieving all our weekly short targets previously .
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 tested the lower end of the support zone near 23115 and reversed . Now sustaining below 23115 we can see it retest 23055 - 22925 levels . Holding levels of 23055 - 23115 we can see it test again 23425 - 23505 levels initially .
For today if Bank Nifty spot sustains above 23295 we can see a initial move till 23358 & on sustaining above 23373 we may see further move till 23486. Similarly if Bank Nifty spot sustains below 23177 we may see a initial move on the downside till 23114 & on sustaining below 23098 we may see further move till 22985
Bank Nifty Spot Levels for the day are
Long above 23295 for 23332 – 23373 – 23486 , SL 23218
Short below 23177 for 23140 – 23098 – 22985 , SL 23254
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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.