Bank Nifty spot opened at 25570.25 ,made a high of 25611.55 , it made a low of 25337.25 , before closing at 25358.35.
Had mentioned that long positions can be taken above 25580 for the day and short positions can be taken below 25420 . Bank Nifty today initially triggered our long trade but did not complete any target and took our SL . Bank Nifty then triggered our short trade and completed only 1 target missing our 2nd target by 27 points . Bank Nifty has closed just below our weekly short trigger level and needs to sustain below 25285 to confirm our weekly short trade . Had mentioned in the previous post that " Bank Nifty has stiff resistance near 25680 - 25710 and those who are looking to go short should keep a strict cbsl of 25710 . Those who are long should keep a trailing cbsl of 25285 " , and today Bank Nifty gave a good entry for taking short positions with the gap up and those who went short should watch out for Bank Nifty breaking and sustaining below 25285 in the coming session to hold their positions . Those who took long positions today should keep a strict cbsl of 25285 for their positions .
Had mentioned in the previous post " Now in the coming session Bank Nifty breaking and sustaining below 25420 can test 25335 - 25310 and on sustaining below it we can see a further test of 25240 - 24160 next. Similarly in the coming session Bank Nifty breaking and sustaining above 25580 we can see a test of 25665 - 25685 initially and breaking and sustaining above it we can see a further move till 25760 - 25840 next . " , and today Bank Nifty made a high of 25337.25 just above our initial support zone .
Now in the coming session Bank Nifty breaking and sustaining below 25275 can test 25185 - 25165 and on sustaining below it we can see a further correction till 25090 - 25005 next. Similarly in the coming session Bank Nifty breaking and sustaining above 25445 we can see a test of 25530 - 25550 initially and breaking and sustaining above it we can see a further move till 25630 - 25710 next .
Bank Nifty Spot Levels for the day are
Long above 25445 for 25495 – 25550 – 25710 , SL 25330
Short below 25275 for 25225 – 25165 – 25005 , SL 25385
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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.