Bank Nifty spot opened at 22573.65 and made a low of 22570.35 , it made a high of 23267.80 before closing at 23190.80
Had mentioned that long positions can be taken above 22582 and short positions can be taken below 22491. Bank Nifty triggered our long trade and completed all our targets for the day . It then triggered our weekly long trade and completed 5 targets missing our last target by 28 points giving around 650+ points for the day . We had previous in this week taken 400+ points with our short trade . 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 with a cbsl of 22985 should watch for these levels " and today Bank Nifty made a low again of 22469.80 and took support to close within the support zone at 22536.30 . Those who were carrying their short positions from the previous session with the cbsl of 22985 would have got nearly 400+ points from the short 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. Had mentioned in the previous post that " Bank Nifty is currently in a trading range of 22515 - 22985 and sustaining / closing beyond this range is required for a bigger move .Today Bank Nifty broke the lower end of the range again but closed within it . Bank Nifty had confirmed our weekly shorts in the previous session and completed 4 targets and now further down move will be confirmed on sustaining closing below 22481 . Today Bank Nifty nearly completed all our weekly long targets after reversing from near 22500 in the previous session.
Also had mentioned in the previous session that " Now Bank Nifty needs to break and sustain below 22515 - 22481 zone for further correction in the coming session . Those who have taken long positions today near the day's low should keep a strict cbsl of 22481 for their positions . Bank Nifty has resistance near 22646 - 22693 on the upside and traders can look to go short near these levels on upmove with a cbsl of 22731 " Those who would have entered shorts would have lost 40 points in this rally and again reversed on weekly long trade getting confirmed . Those who held longs since the previous session and trailed their stoploss would have taken the entire ride which came on the back of short covering and stoploss of shorts being taken. Now Bank Nifty needs to break above 23335 - 23355 zone to continue moving up in the coming sessions .
For today if Bank Nifty spot sustains above 23284 we can see a initial move till 23382 & on sustaining above 23406 we may see further move till 23584 . Similarly if Bank Nifty spot sustains below 23098 we may see a initial move on the downside till 23000 & on sustaining below 22975 we may see further move till 22798
Bank Nifty Spot Levels for the day are
Long above 23284 for 23341 – 23406 – 23584 , SL 23162
Short below 23098 for 23041 – 22975 – 22798 , SL 23219
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