Bank Nifty spot opened at 23444.70 and made a high of 23473.30 and then made a low of 23311.85 , before closing at 23391.75 .
Had mentioned that long positions can be taken above 23540 and short positions can be taken below 23457. Bank Nifty triggered our short trade for the day and completed all our targets . Bank Nifty had triggered and confirmed our weekly short trade in the previous session below 23633 and today completed 5 targets and missed our last target by 15 points.
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 taken our cbsl . Had mentioned in the previous post that " 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 23325 - 23285 incase Bank Nifty sustains below 23474 for a further correction tomorrow " , today Bank Nifty tested our expected levels of 23325 - 23285 with a low of 23311.85 giving nearly 375 points to those who had entered shorts from 23700 levels . Further correction in Bank Nifty can be expected on sustaining / closing below 23235 and those who have entered long positions today and are looking to go long on further dips should keep 23235 as their cbsl.
For today if Bank Nifty spot sustains above 23435 we can see a initial move till 23481 & on sustaining above 23492 we may see further move till 23575. Similarly if Bank Nifty spot sustains below 23348 we may see a initial move on the downside till 23303 & on sustaining below 23291 we may see further move till 23208
Bank Nifty Spot Levels for the day are
Long above 23435 for 23462 – 23492 – 23575 , SL 23378
Short below 23348 for 23322 – 23291 – 23208 , SL 23405
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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.