Had mentioned that long positions can be taken above 23267 and short positions can be taken below 23155 . Bank Nifty triggered our short trade but could not complete any target . It then triggered our long trade and nearly completed our 2nd target . Bank Nifty remained subdued in today's trading session and did not move up much inspite of a strong move by Nifty.
As mentioned in the previous post " 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 ." , today Bank Nifty failed to break and sustain above 23355 to go up further . We can expect a bigger move once Bank Nifty breaks and sustains / closes beyond the range of 22905 - 23515 spot . If Nifty continues its upmove again in the coming session after the good close today then we may see Bank Nifty also do catch up and can expect a stronger move towards our mentioned levels on the upside .
For today if Bank Nifty spot sustains above 23318 we can see a initial move till 23365 & on sustaining above 23378 we may see further move till 23465. Similarly if Bank Nifty spot sustains below 23228 we may see a initial move on the downside till 23180 & on sustaining below 23168 we may see further move till 23080
Bank Nifty Spot Levels for the day are
Long above 23318 for 23345 – 23378 – 23465 , SL 23259
Short below 23228 for 23200 – 23168 – 23080, SL 23287
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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.