Had mentioned that long positions can be taken above 23259 and short positions can be taken below 23169 . Bank Nifty triggered our long trade and missed our last target for the day by 24 points . We saw some participation from Bank Nifty today and it has closed just near our weekly long confirmation levels and on sustaining above it tomorrow we can see a further upmove . 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 has closed a tad below 23355 and sustaining above it we can see it 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 near the highs of the day but will find it difficult to move up strongly without Bank Nifty participating now .
For today if Bank Nifty spot sustains above 23403 we can see a initial move till 23456 & on sustaining above 23470 we may see further move till 23565. Similarly if Bank Nifty spot sustains below 23302 we may see a initial move on the downside till 23249 & on sustaining below 23235 we may see further move till 23140
Bank Nifty Spot Levels for the day are
Long above 23403 for 23434 – 23470 – 23565 , SL 23335
Short below 23302 for 23271 – 23235 – 23140 , SL 23370
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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.