Had mentioned that long positions can be taken above 23783 and short positions can be taken below 23689 . Bank Nifty triggered our long trade and immediately reversed without sustaining above it . It then triggered our short trade and completed all our targets for the day .
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 Bank Nifty made a high of 23897.85 on sustaining above this zone today but failed to close above it . Bank Nifty has its immediate support near 23285 - 23115 which can be tested once it breaks and sustains / closes below 23585 - 23425 zone in the coming sessions . Holding 23425 we can see Bank Nifty again moving up to test our resistance zones .
For today if Bank Nifty spot sustains above 23587 we can see a initial move till 23634 & on sustaining above 23646 we may see further move till 23730. Similarly if Bank Nifty spot sustains below 23499 we may see a initial move on the downside till 23452 & on sustaining below 23440 we may see further move till 23355
Bank Nifty Spot Levels for the day are
Long above 23587 for 23614 – 23646 – 23730 , SL 23529
Short below 23499 for 23471 – 23440 – 23355 , SL 23556
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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.