Had mentioned that long positions can be taken above 23709 and short positions can be taken below 23642 . Bank Nifty opened near our 2nd long target for the day and did not give a entry . It then triggered our short trade for the day and nearly completed all targets , missing our last target by 19 points . In the previous session Bank Nifty had missed our last weekly long target by 30 points .
As mentioned previously " Now in the coming sessions Bank Nifty needs to break and sustain / close above 23530 - 23580 to test 23750 - 23775 levels initially and above it we can see a test of 23870 - 23940 levels next . Similarly Bank Nifty on breaking and sustaining / closing below 23350 - 23320 levels can see a test of 23150 levels initially and below it we can see a test of 23025 - 22905 levels next " , and we saw a new life time high of 23964.80 this week. Also had mentioned in the previous post " Now in the coming sessions Bank Nifty needs to break and sustain above 23750 - 23775 levels for a test of the highs made today and beyond it for a test of 24195 - 24295 " , but today Bank Nifty could not break above 23750 - 23775 zone to move up further . Those who are holding longs now should move up their trailing cbsl to 23515 .
For today if Bank Nifty spot sustains above 23622 we can see a initial move till 23662 & on sustaining above 23670 we may see further move till 23745. Similarly if Bank Nifty spot sustains below 23545 we may see a initial move on the downside till 23510 & on sustaining below 23498 we may see further move till 23425
Bank Nifty Spot Levels for the day are
Long above 23622 for 23645 – 23670 – 23745 , SL 23573
Short below 23545 for 23525 – 23498 – 23425 , SL 23596
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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.