Bank Nifty spot opened at 25118.20 ,made a high of 25270.75 , it made a low of 24938.55, before closing at 25000.35.
Had mentioned that long positions can be taken above 25215 for the day and short positions can be taken below 25035. Bank Nifty initially triggered our long trade and completed just 1 target and took our SL . It then corrected sharply to trigger our short trade for the day and completed nearly 2 targets . Bank Nifty now has resistance in the coming sessions near 25455 - 25535 zone and for a stronger 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 . Today Bank Nifty has confirmed our weekly shorts below 25105 and those who are holding shorts should keep a cbsl of 25255 for their positions .
Had mentioned in the previous post " Now in the coming session Bank Nifty breaking and sustaining below 25040 can test 24945 - 24925 and on sustaining below it we can see a further correction till 24845 - 24755 next. Similarly in the coming session Bank Nifty breaking and sustaining above 25215 we can see a test of 25305 - 25325 initially and breaking and sustaining above it we can see a further move till 25405 - 25495 next . " , and today Bank Nifty did not test our initial resistance on sustaining above 25215 and made a low of 24938.55 within our initial support zone .
Now in the coming session Bank Nifty breaking and sustaining below 24930 can test 24855 - 24835 and on sustaining below it we can see a further correction till 24775 - 24700 next. Similarly in the coming session Bank Nifty breaking and sustaining above 25070 we can see a test of 25145 - 25165 initially and breaking and sustaining above it we can see a further move till 25230 - 25300 next .
Bank Nifty Spot Levels for the day are
Long above 25070 for 25115 – 25165 – 25300 , SL 24975
Short below 24930 for 24885 – 24835 – 24700 , SL 25025
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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.