Had mentioned that long positions can be taken above 23318 and short positions can be taken below 23228 . Bank Nifty opened above our 1st long target for the day and reversed without giving a proper entry . It then triggered our short trade and completed our 2nd target for the day . Bank Nifty remained subdued in today's trading session too and is still lagging behind Nifty and we should see a trending move soon . Nifty after triggering our weekly longs has only 1 target left to complete now whereas Bank Nifty is yet to confirm the weekly trade in any direction.
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 broke above 23355 but failed to sustain above it to move up further . We can expect a bigger move once Bank Nifty breaks and sustains / closes beyond the range of 22905 - 23515 spot . Nifty has today again managed to close above 9608 but will find it difficult to move up strongly without Bank Nifty participating in the coming sessions .
For today if Bank Nifty spot sustains above 23259 we can see a initial move till 23307 & on sustaining above 23319 we may see further move till 23404. Similarly if Bank Nifty spot sustains below 23169 we may see a initial move on the downside till 23122 & on sustaining below 23110 we may see further move till 23025
Bank Nifty Spot Levels for the day are
Long above 23259 for 23287 – 23319 – 23404 , SL 23200
Short below 23169 for 23142 – 23110 – 23025, 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.