Bank Nifty spot opened at 23447 and made a high of 23615.20 and then made a low of 23446.90 , before closing at 23477.85.
Had mentioned that long positions can be taken above 23517 and short positions can be taken below 23424. Bank Nifty triggered our long trade for the day and completed 2 targets. Bank Nifty had triggered and confirmed our weekly short trade in the previous session below 23633 and today again reversed from near the same . Those who followed the weekly levels got to short again today and saw Bank Nifty complete 4 weekly short targets again .
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 again Bank Nifty has closed just below our level to stay short and we can expect a further correction if Bank Nifty sustains below 23474 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 23474 for a further correction tomorrow.
For today if Bank Nifty spot sustains above 23522 we can see a initial move till 23569 & on sustaining above 23581 we may see further move till 23666. Similarly if Bank Nifty spot sustains below 23433 we may see a initial move on the downside till 23386 & on sustaining below 23374 we may see further move till 23289
Bank Nifty Spot Levels for the day are
Long above 23522 for 23550 – 23581 – 23666 , SL 23464
Short below 23433 for 23406 – 23374 – 23289 , SL 23492
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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.