Bank Nifty spot opened at 23571.35 and made a low of 23535.70 , it made a new life time high of 23806.65 , before closing at 23742.15 .
Had mentioned that long positions can be taken above 23547 and short positions can be taken below 23458. Bank Nifty triggered our long trade for the day and completed all daily targets . Bank Nifty also confirmed our weekly longs and completed 4 targets as per weekly levels .
Had mentioned in the previous post " Bank Nifty has its next immediate resistance near 23760 - 23820 once it breaks and sustains / closes above 23480 - 23515 zone " and today Bank Nifty made a high of 23806.65 on sustaining above this zone . Bank Nifty has a strong support near 22985 - 22880 which can be tested once it breaks and sustains / closes below 23285 - 23115 zone . Had mentioned in the previous post that shorts should be booked near 23325 - 23285 levels and we had seen a low of 23311.85 . Had also mentioned " 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 " , and holding the same Bank Nifty has now made a new high of 23807 within our resistance zone of 23760 - 23820 . Those who are holding longs can look to book once near 23930 - 24030 on sustaining above 23820 . Those who are looking to go short should keep a strict cbsl of 23930 as a consecutive close above it can take Nifty towards 24230 - 24450 levels.
For today if Bank Nifty spot sustains above 23795 we can see a initial move till 23850 & on sustaining above 23865 we may see further move till 23965. Similarly if Bank Nifty spot sustains below 23690 we may see a initial move on the downside till 23635 & on sustaining below 23620 we may see further move till 23520
Bank Nifty Spot Levels for the day are
Long above 23795 for 23827 – 23865 – 23965 , SL 23726
Short below 23690 for 23658 – 23620 – 23520 , SL 23758
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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.