Bank Nifty spot opened at 22874.80 and made a high of 22918.35 , it made a low of 22637.75 before closing at 22652.85
Had mentioned that long positions can be taken above 22817 and short positions can be taken below 22723. Bank Nifty triggered our long trade with a gap up opening near our 2nd target for the day and did not give a entry for longs . It then reversed from 22918 and triggered our short trade for the day and completed 2 targets. Have been mentioning in the past couple of posts that " Bank has a good support near 22570 - 22505 and those who would have taken a short trade again near today's high with a cbsl of 22985 should watch for these levels " . Today Bank Nifty again gave chance for going short with the cbsl of 22985 and those who would have taken the trade near the last long target would have gained 200+ points from the swing trade .
Now for this week Bank Nifty needs to break and sustain above 22894 for long confirmation, then we can expect a move till 22970 - 23025 levels initially and closing above 23058 we can expect the next move till 23131 - 23295 . Similarly Bank Nifty needs to break and sustain below 22645 for short confirmation then we can expect a move till 22569 - 22515 levels initially and closing below 22481 we can expect a further move till 22368 - 22244. Bank Nifty had in the previous week triggered our weekly long trade and completed our initial 3 targets giving around 150+ points and took resistance near 22985 and reversed by 300 points giving a good swing trade . Now Bank Nifty needs to break and sustain below 22630 to test the next supports at 22570 - 22505 . Bank Nifty is currently in a trading range of 22515 - 22985 and sustaining / closing beyong this range is required for a bigger move .Today Bank Nifty broke above our weekly long trade level but could not sustain and reversed . It again took support near 22630 levels but closed near the lows for the day.
For today if Bank Nifty spot sustains above 22701 we can see a initial move till 22752 & on sustaining above 22765 we may see further move till 22857 . Similarly if Bank Nifty spot sustains below 22605 we may see a initial move on the downside till 22553 & on sustaining below 22541 we may see further move till 22448
Bank Nifty Spot Levels for the day are
Long above 22701 for 22731 – 22765 – 22857 , SL 22638
Short below 22605 for 22575 – 22541 – 22448 , SL 22668
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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.