Had mentioned that long positions can be taken above 23286 and short positions can be taken below 23169 . Bank Nifty triggered our short trade and nearly completed all our daily short targets , missing the last one by 15 points .
We saw a correction of 900 points in June from near 23900 levels and stoploss for those who wished to short was given at 23925 closing basis . Now we can expect further correction on breaking and sustaining / closing below 22905 . Holding 22905 we can expect Bank Nifty to retest 23355 level initially and on sustaining / closing above 23355 level we can expect a test of 23515 levels next . Similarly on breaking and sustaining / closing below 23065 we can expect a test of 22905 levels initially . We can expect a bigger move once Bank Nifty breaks and sustains / closes beyond the range of 22905 - 23515 spot
For today if Bank Nifty spot sustains above 23267 we can see a initial move till 23326 & on sustaining above 23340 we may see further move till 23445. Similarly if Bank Nifty spot sustains below 23155 we may see a initial move on the downside till 23095 & on sustaining below 23082 we may see further move till 22975
Bank Nifty Spot Levels for the day are
Long above 23267 for 23301 – 23340 – 23445 , SL 23194
Short below 23155 for 23121 – 23082 – 22975 , SL 23228
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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.