Bank Nifty spot opened at 24953.95 ,made a low of 24864.60 , it made a high of 25186.05, before closing at 25022.20 . Today Bank Nifty could not give a follow up move after the big move we saw in the previous session .
Had mentioned that long positions can be taken above 25165 for the day and short positions can be taken below 24905 . Bank Nifty triggered our short trade but could not complete any targets and took our stoploss . It then triggered our long trade and again could not complete any target . Today Bank Nifty traded in a narrow range which was not surprising after the huge move we saw in the previous session . Bank Nifty had triggered completed all our weekly long targets giving around 800 points from the weekly long trade in the previous session .
Had mentioned in the previous post " Now in the coming session Bank Nifty breaking and sustaining below 24905 can test 24770 - 24740 and on sustaining below it we can see a further test of 24625 - 24495 next. Similarly in the coming session Bank Nifty breaking and sustaining above 25165 we can see a test of 25300 - 25335 initially and breaking and sustaining above it we can see a further move till 25540 - 24575 next . " , and today Bank could not sustain above or below our levels to give any move .
Now in the coming session Bank Nifty breaking and sustaining below 24895 can test 24760 - 24730 and on sustaining below it we can see a further correction till 24615 - 24485 next. Similarly in the coming session Bank Nifty breaking and sustaining above 25150 we can see a test of 25285 - 25315 initially and breaking and sustaining above it we can see a further move till 25430 - 25560 next .
Bank Nifty Spot Levels for the day are
Long above 25150 for 25225 – 25315 – 25560 , SL 24985
Short below 24895 for 24820 – 24730 – 24485 , SL 25060
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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.