Bank Nifty spot opened at 23610.15 and made a high of 23630.10 and then made a low of 23441.80 , before closing at 23470.45 .
Had mentioned that long positions can be taken above 23726 and short positions can be taken below 23656. Bank Nifty opened near our 2nd short target for the day and also confirmed our weekly short trade below 23598 and completed 4 target on the short side as per the weekly levels .
Have been mentioning 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.
Bank Nifty has a strong support now near 22515 - 22480 zone . Bank Nifty has its next immediate resistance near 23760 - 23820 once it breaks and sustains / closes above 23480 - 23515 zone . Bank Nifty has its next immediate support near 22880 - 22800 once it breaks and sustains / closes below 23115 - 22985 zone .Had mentioned in the previous post that " Those who are holding longs from the previous correction should now move up their trailing cbsl to 23430 . Those who are looking to go short on a further upmove till 23760 - 23820 should keep a strict cbsl of 23930 " , today Bank Nifty has closed just below our level to stay short and we can expect a further correction if Bank Nifty sustains below 23466 in tomorrow's session . Bank Nifty has a strong support near 23235 and those who are holding shorts as per the weekly levels should look to book once near 23290 - 23275 incase Bank Nifty sustains below 23466 for a further correction tomorrow.
For today if Bank Nifty spot sustains above 23517 we can see a initial move till 23566 & on sustaining above 23579 we may see further move till 23667. Similarly if Bank Nifty spot sustains below 23424 we may see a initial move on the downside till 23375 & on sustaining below 23362 we may see further move till 23274
Bank Nifty Spot Levels for the day are
Long above 23517 for 23546 – 23579 – 23667 , SL 23456
Short below 23424 for 23395 – 23362 – 23274 , SL 23485
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