Bank Nifty spot opened at 24996.60 , it made a high of 24999.70 , it made a low of 24796.35 before closing at 24936.70
Had mentioned that long positions can be taken above 24965 for the day and short positions can be taken below 24780 . Bank Nifty triggered our long trade marginally but did not complete any target and took our stoploss . Post that it traded the entire day between our long and short trigger levels indicating indecisiveness . As mentioned in the post earlier this week " 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 . For any pullback it needs to sustain above 24905 in the coming sessions." , and Bank Nifty has managed to give a close above 24905 today . If it sustains above it tomorrow then we can expect a small pull back . If it sustains below it then we can expect the initial lower targets to be tested .
Had mentioned in the previous post " Now in the coming session Bank Nifty breaking and sustaining above 24965 can test 25065 - 25085 and on sustaining above it we can see a further upmove till 25170 - 25260 next. Similarly in the coming session Bank Nifty breaking and sustaining below 24780 we can see a test of 24685 - 24660 initially and breaking and sustaining below it we can see a further correction till 24580 - 24490 next . " , and Bank Nifty was unable to sustain above 24965 and also could not break below 24780 and traded in a very narrow range
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 had given a close below 25160 in the previous session and we can expect a test of the initial levels .
Now in the coming session Bank Nifty breaking and sustaining above 25030 can test 25130 - 25155 and on sustaining above it we can see a further upmove till 25235 - 25330 next. Similarly in the coming session Bank Nifty breaking and sustaining below 24845 we can see a test of 24745 - 24720 initially and breaking and sustaining below it we can see a further correction till 24635 - 24545 next .
Bank Nifty Spot Levels for the day are
Long above 25030 for 25085 – 25155 – 25330 , SL 24905
Short below 24845 for 24785 – 24720 – 24545 , SL 24965
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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.