Had mentioned that long positions can be taken above 24250 and short positions can be taken below 24175 . Bank Nifty initially triggered our short trade and completed all our daily short targets . It then reversed and triggered our long trade and completed just 1 target .
Had mentioned last week " Now in the coming sessions Bank Nifty needs to break and sustain / close above 24025 to test 24160 - 24190 levels initially and above it we can see a test of 24285 - 24390 levels next . Similarly Bank Nifty on breaking and sustaining / closing below 23830 levels can see a test of 23715 - 23690 levels initially and below it we can see a test of 23590 - 23485 levels next . " , and we saw Bank Nifty test 24285 - 24390 on sustaining above 24190 and make a high of 24299.60 .
Now in the coming week Bank Nifty needs to break and sustain / close above 24335 to test 24415 - 24435 levels initially and above it we can see a further move till 24510 - 24585 . Similarly Bank Nifty on sustaining / closing below 24180 levels we can see a test of 24095 - 24075 levels initially and below it we can see a further move till 24005 - 23925 levels . Those who are holding longs should now move up their trailing cbsl further to 24075.
Bank Nifty Spot Levels for the day are
Long above 24285 for 24305 – 24325 – 24380 , SL 24245
Short below 24230 for 24210 – 24190 – 24135 , SL 24270
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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.