Bank Nifty spot opened at 25324.60 , it made a high of 25326.05 , it made a low of 24824.55 before closing at 25058.55
Had mentioned that long positions can be taken above 25260 for the day and short positions can be taken below 25065 . Bank Nifty triggered our long trade by opening near our 1st target and reversed to take our stoploss . Bank Nifty then triggered the short trade for the day and nearly completed all short targets for the day . Now in the coming expiry week Bank Nifty on sustaining / closing above 25425 can test 25700 - 25770 initially and sustaining / closing above it we can see a further move till 26005 - 26265 . Similarly Bank Nifty on sustaining / closing below 24905 can test 24630 - 24560 initially and sustaining / closing below it we ca see a further move till 24325 - 24065 .
Had mentioned in the previous post " Now in the coming session Bank Nifty breaking and sustaining above 25260 can test 25325 - 25395 and on sustaining above it we can see a further upmove till 25480 - 25580 next. Similarly in the coming session Bank Nifty breaking and sustaining below 25065 we can see a test of 24960 - 24935 initially and breaking and sustaining below it we can see a further correction till 24845 - 24750 next . " , and Bank Nifty opened near 25325 our initial resistance zone and reversed to make a low of 24824.55 within our next support zone .
For the month of February Bank Nifty has triggered our monthly shorts below 26975 for a initial target of 26405 - 26295 and breaking and sustaining below it we can see a test of 25940 - 25540 . Monthly longs will get confirmed with a consecutive close above 27620 for a initial target of 28040 - 28150 and breaking and sustaining above it we can see a test of 28505 - 28905 .Sustaining below 25540 Bank Nifty can see a retest of 25200 - 25050 zone . As mentioned earlier " For a slightly bigger correction Bank Nifty needs to give a close below 25160 for a test of 24760 - 24660 initially ." , and today Bank Nifty has given a close below 25160 and now any bounce till 25700 - 25800 can see shorts being added .
Now in the coming session Bank Nifty breaking and sustaining above 25155 can test 25255 - 25275 and on sustaining above it we can see a further upmove till 25365 - 25455 next. Similarly in the coming session Bank Nifty breaking and sustaining below 24965 we can see a test of 24865 - 24840 initially and breaking and sustaining below it we can see a further correction till 24755 - 24660 next .
Bank Nifty Spot Levels for the day are
Long above 25155 for 25210 – 25275 – 25455 , SL 25030
Short below 24965 for 24905 – 24840 – 24660 , SL 25090
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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.