Bank Nifty spot opened at 25684.60 , it made a high of 25723.55 , it made a low of 25356.40 before closing at 25383.60
Had mentioned that long positions can be taken above 25780 for the day and short positions can be taken below 25595. Bank Nifty triggered our short trade and completed 2 targets for the day giving 125+ points . Had mentioned in the previous posts that once Bank Nifty sustains / closes above 24905 we can expect a pullback and we saw Bank Nifty make a high of 25723.55 holding the same. As mentioned in the previous post " Now in this week Bank Nifty has to sustain / close above 25440 to test 25755 - 25815 initially and above it we can see a move till 26015 - 26325 . Similarly Bank Nifty has to sustain / close below 25165 to test 24850 - 24790 initially and below it we can see a move till 24590 - 24370 ." , and today we saw Bank Nifty reverse from near its initial resistance zone and correct by around 300+ points . Those who are looking to enter on dips should keep a cbsl of 25080 .
Had mentioned in the previous post " Now in the coming session Bank Nifty breaking and sustaining above 25780 can test 25880 - 25905 and on sustaining above it we can see a further upmove till 25990 - 26085 next. Similarly in the coming session Bank Nifty breaking and sustaining below 25595 we can see a test of 25495 - 25470 initially and breaking and sustaining below it we can see a further correction till 25385 - 25295 next . " , and Bank Nifty made a low of 25356.40 within our next support zone .
For the month of March , longs will get confirmed with a consecutive close above 25395 for a initial target of 25860 - 25975 and sustaining / closing above it we can see a further test of 26375 - 26815 . Similarly , shorts will get confirmed with a consecutive close below 24515 for a initial target of 24050 - 23935 and sustaining / closing below it we can see a further test of 23535 - 23095 .
Now in the coming session Bank Nifty breaking and sustaining above 25475 can test 25565 - 25590 and on sustaining above it we can see a further upmove till 25670 - 25760 next. Similarly in the coming session Bank Nifty breaking and sustaining below 25295 we can see a test of 25200 - 25175 initially and breaking and sustaining below it we can see a further correction till 25095 - 25005 next .
Bank Nifty Spot Levels for the day are
Long above 25475 for 25530 – 25590 – 25760 , SL 25355
Short below 25295 for 25240 – 25175 – 25005 , SL 25410
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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.