Had mentioned that long positions can be taken above 23295 and short positions can be taken below 23177 . Bank Nifty triggered our long trade and nearly completed all our daily long targets , missing the last one by 10 points and reversed sharply to trigger our short trade and completed 1 target on the short side .
Had mentioned in the previous post " 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 " and today again we nearly tested the lower end of the support zone near 23115 and reversed . Now sustaining below 23115 we can see it retest 23055 - 22925 levels . Also as mentioned in the previous post " Holding levels of 23055 - 23115 we can see it test again 23425 - 23505 levels initially " and today we saw Nifty make a high of 23476 within the resistance zone and reversed for the day to retest the supports at 23285 - 23115 . Overall Bank Nifty is in a trading range of 22985 - 23585 currently .
For today if Bank Nifty spot sustains above 23286 we can see a initial move till 23347 & on sustaining above 23363 we may see further move till 23474. Similarly if Bank Nifty spot sustains below 23169 we may see a initial move on the downside till 23108 & on sustaining below 23092 we may see further move till 22981
Bank Nifty Spot Levels for the day are
Long above 23286 for 23321 – 23363 – 23474 , SL 23209
Short below 23169 for 23133 – 23092 – 22981 , SL 23245
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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.