Bank Nifty spot opened at 25434.75 ,made a high of 25448.85 , it made a low of 25318.70, before closing at 25404.85.
Had mentioned that long positions can be taken above 25405 for the day and short positions can be taken below 25240. Bank Nifty triggered our long trade but did not complete any targets . Bank Nifty has resistance in the coming sessions near 25535 - 25655 zone and for a further upmove we need a consecutive close above 25655 as mentioned in the weekly post too. Those who are holding longs should book once near this zone and look to hold or enter fresh longs only on a consecutive close above it . Those who are intending to go short in the coming sessions near the zone of 25535 - 25655 should keep a cbsl of 25655 or look to exit on sustaining above 25755 .
Had mentioned in the previous post " Now in the coming session Bank Nifty breaking and sustaining below 25240 can test 25155 - 25135 and on sustaining below it we can see a further correction till 25060 - 24980 next. Similarly in the coming session Bank Nifty breaking and sustaining above 25405 we can see a test of 25490 - 25510 initially and breaking and sustaining above it we can see a further move till 25585 - 25665 next . " , and today Bank Nifty traded in a narrow range within the support and resistance zones of the day .
Now in the coming session Bank Nifty breaking and sustaining below 25320 can test 25235 - 25215 and on sustaining below it we can see a further correction till 25135 - 25055 next. Similarly in the coming session Bank Nifty breaking and sustaining above 25490 we can see a test of 25575 - 25595 initially and breaking and sustaining above it we can see a further move till 25675 - 25755 next .
Bank Nifty Spot Levels for the day are
Long above 25490 for 25540 – 25595 – 25755 , SL 25380
Short below 25320 for 25270 – 25215 – 25055 , SL 25430
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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.