Had mentioned that long positions can be taken above 23520 and short positions can be taken below 23415 . Bank Nifty triggered our short trade but could not complete any target.
As mentioned in the previous posts " 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 " , and Bank Nifty tested 23515 levels after sustaining above 23355 levels . Also as mentioned " We can expect a bigger move once Bank Nifty breaks and sustains / closes beyond the range of 22905 - 23515 spot " , and though Bank Nifty broke above 23515 it could not sustain or close above it last week . Now in the coming sessions Bank Nifty needs to break and sustain / close above 23530 - 23580 to test 23750 - 23775 levels initially and above it we can see a test of 23870 - 23940 levels next . Similarly Bank Nifty on breaking and sustaining / closing below 23350 - 23320 levels can see a test of 23150 levels initially and below it we can see a test of 23025 - 22905 levels next . Those who are holding longs should move up their cbsl to 23320 .
For today if Bank Nifty spot sustains above 23498 we can see a initial move till 23550 & on sustaining above 23565 we may see further move till 23655. Similarly if Bank Nifty spot sustains below 23400 we may see a initial move on the downside till 23350 & on sustaining below 23335 we may see further move till 23240
Bank Nifty Spot Levels for the day are
Long above 23498 for 23528 – 23565 – 23655 , SL 23434
Short below 23400 for 23370 – 23335 – 23240 , SL 23464
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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.