Had mentioned that long positions can be taken above 23622 and short positions can be taken below 23545 . Bank Nifty today triggered both long and short trades multiple times make it difficult to trade in the first half before finally giving a strong move on the upside . Initially this week Bank Nifty had missed our last weekly long target by 30 points after confirming our weekly long trade .
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 today we saw Bank Nifty make a low near 23530 and reverse to go back and test 23750 - 23775 levels again . So as of now we are still trading in the range of 23530 - 23775 and we need to see a strong break of this range tomorrow for a retest of the life time high made this week and beyond it till 24195 - 24295 . Those who are holding longs now should move up their trailing cbsl to 23515 .
For today if Bank Nifty spot sustains above 23735 we can see a initial move till 23775 & on sustaining above 23785 we may see further move till 23855. Similarly if Bank Nifty spot sustains below 23655 we may see a initial move on the downside till 23615 & on sustaining below 23605 we may see further move till 23535
Bank Nifty Spot Levels for the day are
Long above 23735 for 23755 – 23785 – 23855 , SL 23685
Short below 23655 for 23635 – 23605 – 23535 , SL 23705
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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.