Bank Nifty spot opened at 23321.20 and made a low of 23248.50 , it made a new lifetime high of 23469.45 before closing at 23424.80 which is a new lifetime high close .
Had mentioned that long positions can be taken above 23405 and short positions can be taken below 23209. Bank Nifty triggered our long trade and completed just 1 target . Have mentioned in the previous posts that Bank Nifty has its immediate resistance near 23480 - 23515 zone and immediate resistance near 23115 - 22985 zone . We should see a bigger move once its breaks and sustains beyond this initial outer range of 23515 - 22985 .
Now for this week Bank Nifty needs to break and sustain above 23610 for long confirmation, then we can expect a move till 23764 - 23873 levels initially and sustaining / closing above 23939 we can expect the next move till 24165 - 24413 . Similarly Bank Nifty needs to break and sustain below 23114 for short confirmation then we can expect a move till 22961 - 22852 levels initially and sustaining / closing below 22786 we can expect a further move till 22560 - 22312. Bank Nifty has a strong support now near 22515 - 22480 zone . Bank Nifty has immediate resistance near 23480 - 23515 zone and above that near 23760 - 23820 zone . Bank Nifty has its immediate support near 23115 - 22985 zone and below it near 22880 - 22800 . Today is the weekly expiry for Bank Nifty and we can expect some volatility
For today if Bank Nifty spot sustains above 23516 we can see a initial move till 23612 & on sustaining above 23636 we may see further move till 23810 . Similarly if Bank Nifty spot sustains below 23334 we may see a initial move on the downside till 23238 & on sustaining below 23214 we may see further move till 23040
Bank Nifty Spot Levels for the day are
Long above 23516 for 23572 – 23636 – 23810 , SL 23397
Short below 23334 for 23278 – 23214 – 23040 , SL 23453
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.