Bank Nifty spot opened at 23448.60 and made a low of 23391 and then made a high of 23527.65 , before closing at 23502.75 .
Had mentioned that long positions can be taken above 23435 and short positions can be taken below 23348. Bank Nifty triggered our long trade for the day and completed two targets .
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 22985 - 22880 once it breaks and sustains / closes below 23285 - 23115 zone . 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 " , and Bank Nifty had 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 now and are looking to go long on further dips should keep 23235 as their cbsl.
For today if Bank Nifty spot sustains above 23547 we can see a initial move till 23594 & on sustaining above 23606 we may see further move till 23691. Similarly if Bank Nifty spot sustains below 23458 we may see a initial move on the downside till 23411 & on sustaining below 23399 we may see further move till 23314
Bank Nifty Spot Levels for the day are
Long above 23547 for 23575 – 23606 – 23691 , SL 23489
Short below 23458 for 23431 – 23399 – 23314 , SL 23516
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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.