Had mentioned that long positions can be taken above 23403 and short positions can be taken below 23302 . Bank Nifty triggered our long trade and missed our last target for the day by 25 points . Today we saw a decent move by Bank Nifty as it triggered our weekly long trade and also completed nearly 4 targets from the weekly long trade .
As mentioned in the previous post " Now we can expect further correction on breaking and sustaining / closing below 22905 . Holding 22905 we can expect Bank Nifty to retest 23355 level initially and on sustaining / closing above 23355 level we can expect a test of 23515 levels next . Similarly on breaking and sustaining / closing below 23065 we can expect a test of 22905 levels initially ." , today Bank Nifty tested 23515 levels after sustaining above 23355 levels post opening . Also as mentioned " We can expect a bigger move once Bank Nifty breaks and sustains / closes beyond the range of 22905 - 23515 spot " , and today though Bank Nifty broke above 23515 it could not sustain or close above it . In the coming session Bank Nifty sustaining above 23515 can make a move to test our next weekly long targets at 23687 - 23834 .
For today if Bank Nifty spot sustains above 23520 we can see a initial move till 23575 & on sustaining above 23590 we may see further move till 23695. Similarly if Bank Nifty spot sustains below 23415 we may see a initial move on the downside till 23355 & on sustaining below 23340 we may see further move till 23240
Bank Nifty Spot Levels for the day are
Long above 23520 for 23555 – 23590 – 23695 , SL 23450
Short below 23415 for 23380 – 23340 – 23240 , SL 23485
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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.