Bank Nifty spot opened at 25062.40 ,made a low of 24888.65 , it made a high of 25205.90, before closing at 25168.20.
Had mentioned that long positions can be taken above 25070 for the day and short positions can be taken below 24930. Bank Nifty initially triggered our short trade and did not complete any target and took our SL . It then recovered sharply to trigger our long trade for the day and completed 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 or look to hold and 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 . Bank Nifty had confirmed our weekly shorts below 25105 in the previous session and today completed our initial 3 weekly short targets before taking our TSL .
Had mentioned in the previous post " 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 . " , and today Bank Nifty did not test our initial support on sustaining below 24930 and made a high of 25205.90 above our initial resistance zone .
Now in the coming session Bank Nifty breaking and sustaining below 25095 can test 25020 - 25000 and on sustaining below it we can see a further correction till 24930 - 24860 next. Similarly in the coming session Bank Nifty breaking and sustaining above 25245 we can see a test of 25320 - 25340 initially and breaking and sustaining above it we can see a further move till 25405 - 25480 next .
Bank Nifty Spot Levels for the day are
Long above 25245 for 25285 – 25340 – 25480 , SL 25145
Short below 25095 for 25050 – 25000 – 24860 , SL 25190
If you want to see the post in your Inbox , kindly register by adding your email id in the 'Subscribe to my posts' section on the top right side of the blog. Also please give your valuable feedback by selecting the appropriate reactions box at the bottom of the post.
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.