Bank Nifty spot opened at 23394.10 and made a high of 23396.15 , it made a low of 23224.05 before closing at 23310.15 .
Had mentioned that long positions can be taken above 23516 and short positions can be taken below 23334. Bank Nifty triggered our short trade and missed our 2nd target by 10 point . Have mentioned in the previous posts that Bank Nifty has its immediate resistance near 23480 - 23515 zone and immediate support 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 .
For today if Bank Nifty spot sustains above 23404 we can see a initial move till 23502 & on sustaining above 23527 we may see further move till 23706 . Similarly if Bank Nifty spot sustains below 23217 we may see a initial move on the downside till 23118 & on sustaining below 23093 we may see further move till 22915
Bank Nifty Spot Levels for the day are
Long above 23404 for 23461 – 23527 – 23706 , SL 23281
Short below 23217 for 23159 – 23093 – 22914 , SL 23339
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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.